The Nigerian National Petroleum Company Limited (NNPC) recorded a profit after tax of N502 billion in November 2025, maintaining its streak of profitability despite a slight decline in crude oil and condensate production during the month.
According to the company’s November financial and operations report, NNPC generated N4.36 trillion in revenue, a marginal increase from October, supported by stronger gas output, steady domestic fuel supply, and full pipeline availability, which offset challenges in crude oil production.
Crude oil and condensate production averaged 1.36 million barrels per day in November, up from 1.30mbpd in October, but still below the 1.77mbpd peak recorded earlier in 2025. Gas production remained steady at 6,968 million standard cubic feet per day, underscoring its role in stabilising operational performance amid disruptions in crude production.
The company attributed the November profit to improved gas production, strong trading performance, and sustained infrastructure availability, despite operational challenges at some crude-producing assets. Statutory payments to the Federation Account rose to N12.12 trillion between January and October 2025, reflecting the company’s significant contribution to government revenues.
Crude production saw partial recovery at some assets after earlier disruptions, including ongoing repairs on the Forcados export line, a force majeure at Egbema, and delays in first oil from the West African Exploration Project.
Petrol Price Adjustment
Amid its strong earnings, NNPC reduced the pump price of petrol below N800 per litre, responding to competition in the downstream market. The move followed recent price cuts by a major refinery, which lowered its petrol prices to as low as N739 per litre, forcing NNPC to adjust from previous prices of around N875 per litre to maintain competitiveness. Some NNPC stations along major routes were reported to sell petrol at N785 per litre.
The NNPC CEO stated that the ongoing price competition is part of the market’s natural adjustment following Nigeria’s transition to domestic refining and that the company is no longer responsible for regulating fuel prices.
Gas Production Stability
Gas output remained stable throughout 2025, with November production at 6,968mmscf/d, slightly lower than October’s 6,997mmscf/d but higher than September’s 6,284mmscf/d. Gas sales were also strong, supporting the company’s strategic focus on gas monetisation and Nigeria’s goal of becoming a regional gas hub.
Upstream pipeline availability reached 100 per cent in November, while petrol availability across NNPC stations stood at 61 per cent, easing supply concerns.
NNPC also advanced major gas infrastructure projects, including progress on the Ajaokuta–Kaduna–Kano and Obiafu-Obrikom-Oben pipelines, aiming for completion in 2026. The company collaborated with joint venture partners to carry out scheduled maintenance and optimise asset performance.
The NNPC Foundation won five awards at the 2025 SERAS Sustainability Africa Awards, and rehabilitation work at the National Orthopaedic Hospital in Lagos reached 90 per cent completion by the end of November.
