NNPC, PPMC earn N933bn from petroleum products sales – Vanguard

NNPC

By Michael Eboh

NIGERIAN National Petroleum Corporation, NNPC, and its subsidiary, the Pipeline and Products Marketing Company, PPMC, earned N933.289 billion from sale of petroleum products in 12 months period, between August 2015 and July 2016.

According an NNPC data, white products accounted for 99.32 per cent of total petroleum products sales, while special products revenue stood at N6.313 billion. In particular, white products sales over the one year period stood at N926.976 billion, while special products sales stood at N6.313 billion.

Giving a breakdown of white products sales, the NNPC report stated that the PPMC earned N837.637 billion from sales of Premium Motor Spirit, PMS, representing 89.75 per cent of total revenue; Automotive Gasoline Oil’s, AGO, earnings stood at N41.825 billion, representing 4.48 per cent of total revenue, while Dual Purpose Kerosene, DPK, accounted for 5.09 per cent of total sales revenue with N47.51 billion. On a month-on-month basis, N44.236 billion, N38.666 billion, N52.853 billion, N66.958 billion and N80.338 billion were recorded as sales revenue for August, September, October, November and December 2015 respectively.

For January, February, March, April, May, June and July 2015, PPMC recorded N72.196 billion, N85.23 billion, N85.66 billion, N79.5 billion, N115.6 billion, N101.96 billion and N103.71 billion respectively.

In the special products category, PPMC earned N4.154 billion in the sales of Low Pour Fuel Oil, LPFO, in the 12-month period, while other special products sales stood at N2.159 billion. In general, on a month-on-month basis, PPMC earned N963.685 million, N483.75 million, N522.025 million, N522.03 million and N605.08 million from the sale of special products in August, September October and December 2015, while from January to July 2016, PPMC earned N420.57 million, N273.4 million, N522.04 million, N389.55 million, N899.82 million, N341.74 million and N891.249 million respectively.

Furthermore, the report explained that the total sale of white products for the period August 2015 to July 2016 stood at 11 billion litres, with PMS accounting for 89.02 per cent of total sales, with 9.79 billion litres.