24 February 2017, Sweetcrude, Lagos — The sale of petroleum products fetched the Nigerian National Petroleum Corporation, NNPC and its subsidiary, the Products and Pipeline Marketing Company, PPMC, N1.309 trillion over a 12-month period, between January and December 2017.
According to the NNPC’s Monthly Financial and Operations Report, the Group almost doubled its earnings from the 2015 sales figures, as revenue from the petroleum products sale appreciated by 96.55 percent, compared to revenue of N665.68 billion recorded at the end of 2015.
Particularly, the report stated that the NNPC Group earned N1.288 trillion from the sale of white petroleum products, comprising Premium Motor Spirit, also known as petroleum, Dual Purpose Kerosene, DPK, and Automotive Gasoline Oil, AGO, also known as diesel; while special products fetched the Group N21.54 billion over the 12-month period.
Furthermore, revenue from PMS, AGO and DPK stood at N1.129 trillion, N91.377 billion and N67.354 billion respectively. On the other hand, in the special products category, the report pointed out that Low Pour Fuel Oil fetched the Group N11.17 billion, while other special products revenue stood at N10.38 billion.
Conversely, for special products, the report disclosed that the NNPC Group earned N420.57 million, N273.397 million, N522.04 million, N389.55 million, N899.82 million and N341.74 million respectively, while July to December revenue stood at N891.25 million, N1.53 billion, N9.9 billion, N858.57 million, N1.1 billion and N4.41 billion in that order.
Giving the breakdown of white products sale on a monthly basis, the report stated from January to June 2016, revenues of N72.2 billion, N85.23 billion, N85.66 billion, N79.5 billion, N115.66 billion and N101.96 billion were recorded by the NNPC Group respectively, while for July to December 2016, earnings of N103.71 billion, N129.84 billion, N96.057 billion, N111.52 billion, N145.468 billion and N160.757 billion were recorded respectively.
In volume terms, the NNPC report noted that a total of 12.93 billion litres of petroleum products were sold by the PPMC in 2016, comprising 12.67 billion litres of white products and 259.364 million litres of special products.
A further breakdown showed that the PPMC sold 11.157 billion litres of PMS; 736.96 million litres of AGO; 774.013 million litres of DPK; 165.79 million litres of LPFO; while other special products sales stood at 93.575 million litres.
To this end, the report revealed that NNPC Retail and the PPMC posted a combined surplus of N6.79 billion in the 2016 fiscal year. Specifically, while the PPMC posted a loss of N683 million, NNPC Retail made up for it with a profit of N7.479 billion.
For the month of December, the NNPC Retail and PPMC posted a combined surplus of N13.997 billion, dropping slightly by 4.44 per cent from a surplus of N14.65 billion recorded in November 2016.
This according to the report was based on revenue of N170.833 billion in December, rising by 13.44 per cent from N150.596 billion in November 2016; while expenditure appreciated by 15.36 per cent from N135.948 billion in November 2016 to N156.836 billion in December.
The NNPC Group, however, recorded overall trading deficit of N17.01 billion in December 2016, compared to N18.72 billion recorded in the previous month, while attributed the marginal decrease of N1.71 billion in its trading deficit to improved PPMC Coastal sales following completion of reconciliation with other marketers.