Lagos — The Nigerian Petroleum Development Company, NPDC has recorded an operating deficit loss of over 200 percent in the month of April, according to the latest financial and operational activities report of the Nigerian National Petroleum Corporation, NNPC released on Wednesday.
The loss put at a total of N30.81bn, representing an operating deficit.
“The report in April 2020 indicates an increased trading deficit of N30.81bn compared to the N9.53bn deficit posted in March 2020”.
“The current hike of over 200 per cent is attributed to the 29 per cent increased deficit for NPDC due to ongoing coronavirus-related impact of reduced exports, coupled with the upsurge in corporate headquarters deficit arising from terminal benefits made to retired staff.”
“In addition, PPMC, NGMC and Duke Oil Incorporated posted reduced surpluses arising from the COVID-19 effect of reduced demand, fluctuating prices and marketers’ unwillingness to lift products thus affecting revenue.”
The Corporation stated that to ensure continuous increased PMS supply and effective distribution across the country, a total of 0.94 billion litres of PMS translating to 31.37 million litres per day were supplied in the month of April in the downstream sector.
A total of 65 pipeline points were vandalised representing about 2.4 times increase from the 19 points recorded in March 2020.
In March 2020, total crude oil production in Nigeria increased by 3.17 million barrels or 5.28 percent at 63.19 million barrels with a daily average of 2.04 million barrels per day.