A Review of the Nigerian Energy Industry

NNPC sells N1.3bn litres of petroleum products, earns N151bn

*NNPC Towers.

Ike Amos

18 December 2017, Sweetcrude, Abuja —The Nigerian National Petroleum Corporation (NNPC), Monday, said it distributed and sold about 1.3 billion litres of petroleum products throughout the country in the month of September 2017.

The NNPC, in a statement on its September 2017 edition of its Monthly Financial and Operations Report, disclosed that the figure represented a 29 percent increase from the 950.67 million litres posted in the month of August 2017.

According to the NNPC, products which were distributed and sold by the Petroleum Products Marketing Company (PPMC), the downstream subsidiary of the NNPC, comprised about 1.2 billion litres of petrol, 35.58 million litres of Kerosene and 86.30 million litres of diesel. 

In addition, it stated that total special products for the month of September 2017 were 9.29 million litres comprising 7.43 million litres of Low Pour Fuel Oil (LPFO) and other special products of 1.86 million litres.

The sale of white products, comprising, petrol, kerosene, and diesel, for the period September 2016 to September 2017, the NNPC said, stood at 15.61 billion litres, while adding that petrol amounted to 13.65 billion litres and accounts for 87.45 percent. 

In terms of average daily sales and distribution of petroleum products, the NNPC explained that the numbers indicated that 42.752 million litres of petroleum were recorded during the period comprising a daily petrol distribution figure of 38.691 million litres, 2.877 million litres of diesel, 1.186 million litres of kerosene and 2.678 million litres of special products. 

In monetary terms, the NNPC disclosed that the PPMC posted a total sales figure of N151.42 billion for white products in the month of September 2017 compared to N111.36 billion sold in the prior month of August 2017. 

Total revenues generated from the sales of white products for the period September 2016 to September 2017, the NNPC said, stood at N1.87 trillion, where petrol contributed about 85.08 percent of the total sales with a value of N1.6 trillion. 

“The 26th edition of the NNPC Financial and Operations Report also highlighted that the corporation had sustained effective communication with stakeholders through this report via publications on its website and in national dailies. 

“This is in line with the corporation’s commitment to becoming more accountable, responsive, and transparent and a FACTI based Organization,” the NNPC declared.

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