NNPC generates N1.6 trillion from petrol in one year

NNPC Headquarters, Abuja 

The Nigerian National Petroleum Corporation’s total revenue generated from the sale of white products (petrol, diesel and kerosene) for September 2016 to September 2017 stood at ₦1.9 trillion. Petrol contributed about 85.08 per cent of the total sales with a value of ₦1.6 trillion.

This was disclosed in a statement signed by the Group General Manager, Group Public Affairs Division of the corporation, Ndu Ughamadu, and sent to PREMIUM TIMES on Monday.

According to the statement, the figure was captured in the September 2017 edition of the monthly NNPC Financial and Operations Report which was released on Monday in Abuja.

The report showed that the corporation distributed and sold about 1.3 billion litres of petroleum products throughout the country in September 2017 resulting in a 29 per cent increase from the 950.67 million litres recorded for the August 2017.

Products were distributed and sold by the downstream subsidiary of the NNPC, Petroleum Products Marketing Company, PPMC, the statement showed.

“Products sold and distributed comprised about 1.2 billion litres of petrol, 35.58 million litres of kerosene and 86.30 million litres of diesel.

“Total special products for the month of September 2017 was 9.29 million litres comprising of 7.43 million litres of Low Pour Fuel Oil (LPFO) and other special products of 1.86 million litres.

“The sale of white products (petrol, kerosene and diesel) for the period September 2016 to September 2017 stood at 15.61 billion litres. A further breakdown showed that petrol amounted to 13.65 billion litres and accounts for 87.45 per cent,” the statement said.

About 42.8 trillion litres of petroleum were recorded as the average daily sales and distribution of petroleum products in September, comprising a daily distribution figure of 38.7 trillion litres of petrol, 2.9 trillion litres of diesel, 1.2 trillion litres of kerosene and 2.7 trillion litres of special products.

The report also revealed that ₦151.42 billion was generated by the PPMC for white products in September 2017 compared to ₦111.36 billion sold in August 2017.

It also highlighted that the corporation had sustained effective communication with stakeholders through this report via publications on its website and in national dailies in line with the corporation’s commitment, ”to becoming more a fact based organisation.”