“Nigeria maintained 1.426 million bpd OPEC production cut in 1Q21. The overall NNPC crude oil sale valued at N267.59bn (export & domestic crude) in February 2021 is 97.71 per cent higher than N134.35 billion recorded in January 2021,” NNPC stated.
Domestic gas receipts in the month were N5.75 billion, while feedstock valued at $66.43 million was sold to the Nigeria Liquefied Natural Gas Limited (NLNG) during the period, out of which $63.79 million was received during the month.
In addition, $2.22 million was classified as receipts from miscellaneous sources, including gas and haulage (the amount of empty space in a cargo ship’s hull or in an oil terminal tank) fees as well as interest income received in March.
The corporation’s value loss due to payment of subsidy as revealed last week in a letter to the accountant general of the federation was also reflected in the document.
Although it wasn’t clear what gave rise to the difference in the sums which was N112 billion in the letter to the AGF while it reflected N60.4 billion in the FAAC document.
“The shortfall of N60.4bn arising from the difference between the landing cost of petrol and the ex-coastal price in the month of February 2021 affected the revenue accruable to the federation.
“The corporation, being the sole importer of petrol, awaits the outcome of the engagement between government and relevant stakeholders to establish an appropriate petroleum products pricing methodology in a deregulated environment,” the NNPC added.
According to the document, the landing cost for the 36 vessels that brought in the product into Nigeria ranged from N155 to N170, while the ex-depot price remained at N128 and the loss per vessel ranged from N347 million to N3.4 billion, based on the 1.74 billion litres imported during the month.
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