PPMC earns N86bn from petroleum products sale in one month

*Nigeria's derelict petroleum pipeline network.

*Nigeria’s derelict petroleum pipeline network.

Ike Amos

04 June 2016, Sweetcrude, Abuja – The Pipeline and Products Marketing Company, PPMC, earned N86.183 billion from the sale of petroleum products in March 2015, data obtained from the Nigerian National Petroleum Corporation, NNPC, has revealed.

The NNPC, in its Monthly Finance and Operations Report for March 2015, disclosed that the PPMC, which has now been rechristened Nigerian Product Marketing Company, NPMC, earned N85.66 from the sale of white products, while it earned N522.036 million from the sale of other special products.

Giving a breakdown of the figures, the report stated that the PPMC’s revenue from Premium Motor Spirit, PMS, Automotive Gas Oil, AGO, and Dual Purpose Kerosene (DPK) stood at N78.356 billion, N4.054 billion and N3.251 billion respectively.

On the other hand, the report noted that the PPMC earned N428.516 million from the sale of Low Pour Fuel Oil, LPFO, and N93.52 million from the sale of other special products.

Furthermore, the NNPC explained that total revenues generated from the sales of white products for April 2015 to March 2016 stood at N775.90 billion where PMS contributed about 88.85 percent of the revenues collected with a value of N689.41 billion.

Specifically, the report stated that that the PPMC sold a total of 1.126 billion litres of petroleum products in March 2016, with white products sales accounting for 1.116 billion litres and Special Products accounting for 10.02 million litres.

On a product-by-product basis, 1.027 billion litres, 42.312 million litres and 46.63 million litres of PMS, AGO and DPK were sold by the PPMC in the period under review, while 8.34 million litres of LPFO and 1.68 million litres of other special products were sold in the period under review.

“Total sale of white products for the period April 2015 to March 2016 stands at 9.86 billion litres, PMS (8.48 billion litres) accounts for 86.07%. The Tables and Charts below provide more details of white products sold by NNPC/PPMC for the period April 2015 to March 2016. While total special products for the period under review was 10.02 million litres, comprising 8.34 million litres of special products and 1.68 million litres of Bunker products,” the NNPC report added.

The report further stated that in the period under review, 955.29 million litres of white products was supplied into the country through the Offshore Processing Agreement (OPA) arrangements which comprised 873.82 million litres and 81.48 million litres of PMS and DPK respectively while 976.09 million litres was supplied in the month of February 2016; with PMS and DPK receipt in February 2016 being 838.99 million litres and 137.10 million litres.

In addition, the NNPC said, “Total Crude processed by the three refineries, for the month of March 2016 was 329,396 metric tonnes (MT), approximately 2.415 million barrels (bbls) which translate to a combined yield efficiency of 94.98 per cent compared to crude processed in February 2016 of 32,352MT (237,205 bbls) and Intermediate of 74,167MT (543,792 bbls) with combined yield efficiency of 50.88 per cent.”

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