REPORT: NNPC earns N2.129trn from sell of fuel

The Nigerian National Petroleum corporation (NNPC) says it made total revenue of N2.129 trillion from the sales of petroleum products between March 2020 and March 2021.

The corporation disclosed this in its Monthly Financial and Operation Reports (MFOR), released on Sunday, August 1, in Abuja.

It said the sales were made by its downstream subsidiary, the Petroleum Products Marketing Company (PPMC).

“The total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at N2.129 trillion, where petrol contributed about 99.24 per cent of the total sales with a value of ₦2.113trllion,’’ it said.

According to the report, PPMC records N234.63 billion revenue from the sale of white products in March 2021.


This, it said, represented a 24.7 per cent increase
from the ₦188.15billion sales recorded in February.

In terms of volume, the report noted that the value translates to 1.75billion litres of white products sold and distributed by PPMC in March 2021, compared to 1.4billion litres in February.

This volume, it said, was made up of 1.782billion litres of Premium Motor Spirit (PMS), petrol, and 0.45million litres of Automotive Gas Oil (AGO), otherwise known as diesel.

“Total sale of white products for the period of March 2020 to March 2021 stood at 17.374billion litres and PMS accounted for 17.265 billion litres or 99.37 per cent,’’ it said.

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