1.9bn litres of PMS supplied through DSDP in January - NNPC
Abuja -- The Nigerian National Petroleum Corporation, NNPC, has disclosed that 1.999 billion litres of premium motor spirit, PMS, also known as petrol, were supplied into the country through the Direct Sales-Direct Purchase, DSDP, arrangement in January 2019 as against the 1.78 billion litres supplied in December 2018.
This is contained in the NNPC Monthly Financial and Operations Report for January 2019.
The report also disclosed that 81.5 million litres of petroleum products - PMS and Dual Purpose Kerosine, DPK - were
produced by the countr y’s refineries in January 2019 as against 35.04 million litres produced by the refineries in January last year.
The report disclosed that the volume produced by the refineries in January 2019 represented over 100 percent improvement over the December 2018 production.
The NNPC, in the report, also announced trade surplus of N15.04 billion for January 2019, an increase of 24 percent over the N12.13 billion surplus posted by the corporation in December 2019.
The NNPC attributed the positive financial position to the improved performance of its upstream subsidiary, Nigerian Petroleum Development Company, NPDC, which recorded surplus numbers despite reduced operational activities in the month.
The NNPC report disclosed that NPDC’s sustained revenue drive, evident from recent average weekly production of 332,000 barrels of crude oil per day, bpd, had made achieving 500,000bpd production by 2020 plausible.
The NPDC’s position, the NNPC noted, contrasted with the high expenditure levels posted by its two other entities, the Petroleum Products Marketing Company, PPMC, and Duke Oil, although both ended the month with profit.