NNPC’s monthly profit rises by 111% to N3.95bn

The Nigerian National Petroleum Corporation said on Tuesday that its trading surplus rose to N3.95 billion in February from N1.87 billion in the previous month.

The NNPC said the 111 per cent growth in its trading surplus was largely attributable to improved performance of the Nigerian Gas Company, reduced deficits recorded by the downstream units, refineries and its corporate headquarters.

It said its subsidiary in charge of bulk sales and distribution of petroleum products, Petroleum Products Marketing Company, recorded N211.62 billion sale of white products in February, compared to N151.79 billion in January.

The corporation, in a statement by the Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, said about 1.7 billion litres of white products were sold and distributed by the PPMC in February, compared with about 1.2 billion litres sold in January.