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NNPC earns N192.4bn from petrol, kerosene, diesel sale

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In its latest monthly financial and operations report for March 2020, the Nigerian National Petroleum Corporation posted total revenue of N192.4bn from the sale of petrol, kerosene, and diesel in the month of March.

It said its highest-earning during the month under review was from petrol in the report posted on Tuesday.

It made N191.98bn from the sale of petrol. The corporation earned N104.8m and N285.1m from the sale of diesel and kerosene respectively.

The report, however, indicated a trading deficit of ₦9.53bn for the NNPC group in March 2020, compared to the ₦3.95bn surplus posted in February 2020.

According to Nigeria’s major oil corporation, the decline of over 300 per cent in the month was due primarily to the huge decrease of 181 per cent in the performance of Nigeria Petroleum Development Company, the flagship subsidiary of the corporation.

The corporation explained that this was caused by the present decline in crude oil prices due to coronavirus-related impact of reduced exports and dwindling world oil consumption, combined with deficits posted by the refineries and the corporation’s headquarters.

Source Punch
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