The Nigerian National Petroleum Corporation (NNPC) has announced that it generated N192.4bn total revenue from the sale of petrol, kerosene and diesel in the month of March.
The oil corporation stated its highest-earning during the month under review was from petrol.
This was disclosed in its latest monthly financial and operations report for March 2020 released on Tuesday.
NNPC earned N191.98bn from the sale of petrol, 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.
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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.
NNPC 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 ₦9.53bn deficit for March 2020 stood out as the oil firm’s first operational loss since October 2018.
