The Nigerian National Petroleum Corporation on Tuesday said it posted a total revenue of N192.4bn from the sale of petrol, kerosene and diesel in the month of March.

In its latest monthly financial and operations report for March 2020 released on Tuesday, the oil firm said its highest earning during the month under review was from petrol.

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.

The firm explained that 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.

The PUNCH had reported that the ₦9.53bn deficit for March 2020 stood out as the oil firm’s first operational loss since October 2018.

 

Source: Punch

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