NNPC generates N2.197tr from petrol sales in 1 year

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Nigerian National Petroleum Corporation (NNPC) said generated N2.197trillion from the sale of petrol between December 2019 and December 2020.

In period under review, the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, in a statement, said NNPC recorded an increase of 80.12 per cent in trading surplus for December 2020, which stands at ₦24.19billion compared to the ₦13.43billion surplus recorded in November 2020.

Trading surplus or trading deficit is derived after deduction of expenditure profile from the revenue in the period under review.

According to report, the operating revenue of the NNPC Group in December 2020 as compared to November 2020 increased by 33.44 per cent or N137.00billion to stand at N546.65billion.

also said expenditure for month increased by 27.54 per cent or N112.81billion to stand at N522.47billion.

statement noted the December 2020, expenditure as a proportion of revenue is 0.96 per cent as against 0.97 per cent in November 2020.

report indicated the 80.12 per cent increase is due mainly to the significant rise in the profit of NNPC’s flagship upstream entity, the Nigerian Petroleum Development Company (NPDC) amid improved market fundamentals and strong global demand for crude oil.