Nigeria Records 180.29% Increase On Crude Oil, Gas Sales In May

In the gas sector, the report showed that natural gas production in the month under review increased by 6.19% at 222.23billion cubic feet (bcf) compared with output in the previous month, translating to an average production of 7,177.53million standard cubic feet (mmscf) of gas per day.

The report consented to by the Group General Manager, Group Public Affairs Division of the Corporation,Garba Deen Muhammad, revealed that crude oil export sales contributed $181.19m (82.45%) of the dollar transactions compared with $4.22 million contribution in the previous month, while the export gas sales component stood at $38.56million in May 2021.

Meanwhile, in the Downstream sector, the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, posted a total sum of ₦295.72bn from the sales of petroleum products in the month of May 2021 compared with ₦220.13billion sales in April 2021.

Still within the period of May 2020 to May 2021, total revenues generated from the sales of petroleum products for stood at ₦2.345trillion where Premium Motor Spirit (PMS) contributed about 99.61% of the total sales with a value of ₦2.336trillion.

In terms of volume, the figure translates to a total of 2.241billion litres of white products sold and distributed by PPMC in the month of May 2021 compared with 1.673billion litres in the month of April 2021..

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