The monthly losses suffered by the Nigerian National Petroleum Corporation (NNPC) in the course of its oil and gas operations have dropped to the lowest level for the first time since March 2016.
The corporation’s latest monthly financial and operations report for March 2017 showed that its trading deficit dropped consecutively to ₦5.62 billion from ₦14.12 billion reported in February, ₦14.26 billion in January 2017 and N17.01billion in December, 2016.
The drop in the deficit represents around 60 percent improvement compared to the first two months of this year and over 66 per cent in the last quarter of 2016, despite the challenging environment NNPC said it has been operating.
The report attributed the drop in NNPC’s operational losses to mainly an 86 per cent increase in revenue of its oil production arm, the Nigeria Petroleum Development Company (NPDC), as a result of increase in crude oil revenue.
The refineries also posted profits within the period as they recorded a margin of ₦3.40 billion while their Capacity Utilization peaked at about 29.73 per cent at most the Kaduna refinery.