Friday, January 28, 2022

    NNPC reports N2.128 trillion from one-year product sales

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    The Nigerian National Petroleum corporation (NNPC) says it made total revenue of ₦2.129 trillion from the sales of petroleum products between March 2020 and March 2021.

    The corporation disclosed this in its Monthly Financial and Operation Reports (MFOR), released on Sunday in Abuja.

    It said the sales were made by its downstream subsidiary, the Petroleum Products Marketing Company (PPMC).

    “The total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at ₦2.129trillion, where petrol contributed about 99.24 per cent of the total sales with a value of ₦2.113trllion,’’ it said.

    According to the report, PPMC records ₦234.63 billion revenue from the sale of white products in March 2021.

    This, it said, represented a 24.7 per cent increase from the ₦188.15billion sales recorded in February.

    In terms of volume, the report noted that the value translates to 1.75billion litres of white products sold and distributed by PPMC in March 2021, compared to 1.4billion litres in February.

    This volume, it said, was made up of 1.782billion litres of Premium Motor Spirit (PMS), petrol, and 0.45million litres of Automotive Gas Oil (AGO), otherwise known as diesel.

    “Total sale of white products for the period of March 2020 to March 2021 stood at 17.374billion litres and PMS accounted for 17.265 billion litres or 99.37 per cent,’’ it said.

    The MFOR noted that the corporation continued to diligently monitor the daily stock of PMS to achieve uninterrupted supply, effective distribution and zero fuel queue across Nigeria.

    In the Gas Sector, a total of 222.74billion cubic feet (bcf) of natural gas was produced in March 2021, translating to an average daily production of 7,183.33million standard cubic feet per day (mmscfd).

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