Abuja — Nigeria earned N105.62 billion from the sale of white petroleum products, comprising Premium Motor Spirit (PMS), Automotive Gasoline Oil (AGO) and Dual Purpose Kerosene (DPK), in November 2019, according to data obtained from the Nigerian National Petroleum Corporation (NNPC).
The NNPC, in its Monthly Financial and Operations Report for November 2019, disclosed that the amount earned from the sale of white products in November appreciated by 26.35 per cent from N143.4 billion recorded in October 2019.
Petrol, also known as PMS, according to the NNPC, accounted for 99.8 per cent of total revenue from the sale of white petroleum products, with N105.37 billion; followed by AGO with N198.6 billion and DPK with N55.84 million in the month under review.
Specifically, the corporation noted that in volume terms, PMS sales stood at 839.7 million litres; while AGO and DPK ales stood at 1.062 million litres and 301,860 litres respectively.
In addition, it stated that Nigeria earned N93.97 million from the sale of special petroleum products, with Low Pour Fuel Oil, LPFO, accounting solely for all the earnings from this segment, with sales of 759,000 litres recorded in the month under review.
The NNPC said, “A total sum of N105.62 billion was made on the sale of white products by the Petroleum Products Marketing Company (PPMC) in the month of November 2019, compared to N143.40 billion sales in October, 2019.
“Total revenues generated from the sales of white products for the period November 2018 to November 2019 stood at N2.515 trillion, where PMS contributed about 96.6% of the total sales with a value of N2.43 trillion.
“A total of 0.841 billion litres of white products were sold and distributed by PPMC in the month of November 2019 compared with 1.156 billion litres in the month of October 2019. This comprised 0.840 billion litres of PMS, 0.00106 billion litres of AGO and 0.00030 billion litres of DPK.
“Total sale of white products for the period November 2018 to November 2019 stood at 20.178 billion litres and PMS accounted for 19.744billion litres or 97.9%. There was sale of special product of 0.00076 billion litres of LPFO in the month.
In November 2019, the report noted that the NNPC remitted the sum of N179.58 billion to the Federation Account Allocation Committee (FAAC), adding that from November 2018 to November 2019, total NNPC remittances to FAAC was N1.587 trillion; out of which Federation and JV received the sum of N747.69 billion and N838.87 billion respectively.