12 August 2018, Sweetcrude, Abuja — Petroleum Products Marketing Company, PPMC, the downstream subsidiary of the Nigerian National Petroleum Corporation, NNPC, earned N566.157 billion from the sale of petroleum products in three months, from January to March 2018.
According to data obtained from the NNPC’s Monthly Financial and Operations Report for March 2018, the PPMC recorded revenue of N26.003 billion from the sale of special petroleum products and N540.154 billion from the sale of white petroleum products.
Other special petroleum products comprise mainly Low Pour Fuel Oil, LPFO, while white petroleum products consist of Premium Motor Spirit (PMS) also known as petrol, Dual Purpose Kerosene, DPK, also known as kerosene and Automotive Gasoline Oil, AGO, also known as diesel.
The report noted that majority of the PPMC earnings in the three-month period came from the sale of PMS, accounting for 82 percent and 86.65 percent of white petroleum products’ sale and total petroleum products sale respectively.
Specifically, it added that PPMC recorded revenue of N468.069 billion from the sale of 998.534 million liters of PMS from January to March 2018.
On the other hand, the NNPC report explained that the PPMC received N46.653 billion from the sale of 283.367 million litres of AGO in the period under review, representing 8.24 percent and 8.64 percent to total petroleum products and white petroleum products sale in the period under review.
In addition, the report declared that sales of 172.4 million litres of kerosene fetched the PPMC N25.432 billion in the three months period, representing 4.5 percent and 4.71 percent of total petroleum products and total white products sales respectively.
To this end, white products sale accounted for 95.41 percent of total petroleum products revenue, while special products sale accounted for 4.6 percent.
On the other hand, the report noted that the PPMC earned N4.641 billion from Low Pour Fuel Oil, LPFO, sale, thereby accounting for 0.82 percent of total petroleum products sale and17.85 percent of total special products sale.
Furthermore, the report pointed out that other special products sale fetched the NNPC subsidiary N21.36 billion, accounting for 3.77 percent and 82.14 percent of total petroleum products and total special products sale respectively.
The report noted that the NNPC, in March 2018, maintained the supply of PMS far above the normal daily supply of 35 million litres per day to ensure product availability nationwide.
It said, “The Corporation is maintaining an eagle eye on the daily PMS or petrol evacuation figures from depots across the nation, and engaged where necessary the Nigerian Customs Service (NCS) through existing Joint Monitoring Team.”
It lamented that products theft and vandalism had continued to destroy value and put NNPC at a disadvantaged competitive position, noting that a total of 1,599 vandalized points had been recorded from March 2017 to March 2018.