Despite the Federal Government’s efforts to assure a steady increase in the daily supply of Premium Motor Spirit (PMS), Nigeria’s distribution of the product fell to 56 million liters per day in April, there was a drop by 3% when compared to the previous month’s supply of 57.49 million liters per day in March 2021, a reporter Prince Okafor stated in Vanguard Newspaper.
The Nigerian National Petroleum Corporation, (NNPC) announced a trading surplus of N43.57bn in April 2021 representing a 23.64 per cent increase over the N35.24bn surplus recorded in the previous month of March 2021. According to the corporation’s Monthly Financial and Operation Report (MFOR) for the month of April, the rise in trading surplus was attributed to the activities of the Corporation’s Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC), such as crude oil lifting from Oil Mining Lease, OML, 119 (Okono Okpoho) and OMLs 60, 61, 62, 63 (Nigerian Agip Oil Company), as well as an increase in gas sales.
The NNPC Group operating revenue in April 2021, as compared to March 2021, increased by 17.73 percent or N80.67 billion to N535.61 billion, according to the Monthly Financial and Operation Report (MFOR). “In the downstream supply sector, a total of 1.67 billion liters of petrol translating to 55.79 million liters per day, was provided in the month under review to ensure uninterrupted supply and effective distribution of fuel across the country, the Corporation has continued to keep a close eye on the daily stock of petrol in order to ensure that petroleum products are distributed smoothly and that there are no fuel queues anywhere in the Nation. The NNPC Chief Financial Officer, Umar Ajiya, commented on the report, saying that the continued publication of the monthly report is in line with the letters and spirit of the NNPC Group Managing Director, Malam Mele Kyari’s Transparency, Accountability, and Performance Excellence (TAPE) management philosophy. From this development, a possible effect on the marketing price structure of PMS will be the regular inconsistency in the price regime, as demands has dropped from the use of these Petroleum products in the downstream sector due to factors stated above.
