The Nigerian National Petroleum Company Limited (NNPCL) has announced a profit after tax (PAT) of N502 billion for November 2025, representing a 12.3 per cent increase compared to the previous month.
The state-owned energy company disclosed the figures in its monthly financial and operational report released on Wednesday. According to the report, the profit was generated from a total revenue of N4.358 trillion recorded during the month under review.
The November performance marks a notable improvement on the N447 billion profit after tax recorded in October 2025. This indicates an increase of about N50 billion, or 12.3 per cent, month-on-month. However, the report also shows that overall revenue declined during the period, falling by N722 billion from the N5.08 trillion posted in October.
Despite the drop in revenue, the improved profitability suggests tighter cost controls, operational efficiencies or favourable market conditions that helped cushion the impact of lower inflows. Analysts note that fluctuations in global crude oil prices, exchange rates and domestic supply dynamics often influence NNPCL’s monthly financial outcomes.
The report also provided insights into crude oil production levels and downstream operations. Average crude oil and condensate production stood at 1.60 million barrels per day during November. This figure reflects Nigeria’s ongoing efforts to stabilise output amid challenges such as pipeline vandalism, oil theft and ageing infrastructure, which have historically affected production capacity.
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In the downstream segment, the availability of Premium Motor Spirit (PMS), commonly known as petrol, at NNPCL retail outlets was reported at 61 per cent. While this indicates that fuel supply was maintained across a majority of outlets, it also highlights lingering distribution and logistics challenges in ensuring full nationwide coverage.
NNPCL has, in recent months, emphasised its transition into a commercially oriented and profit-driven national oil company following the enactment of the Petroleum Industry Act (PIA). The consistent posting of profits is seen by the company as evidence of progress in that direction, as it seeks to operate competitively while supporting national energy security.
Industry observers say the contrasting trends of higher profit and lower revenue underscore the importance of efficiency and prudent financial management in the oil and gas sector, particularly at a time when Nigeria is grappling with economic pressures and the need to maximise returns from its hydrocarbon resources.
As NNPCL continues to release its monthly reports, stakeholders are expected to closely monitor key indicators such as production levels, fuel availability and profitability to assess the company’s overall performance and its contribution to government revenues.
