Home / BUSINESS / Petroleum Products Distribution, Sales Increase by 29% – NNPC

Petroleum Products Distribution, Sales Increase by 29% – NNPC

Stories by John Meze, Lagos:

Nigerian National Petroleum Corporation (NNPC) has stated that it has distributed and sold about 1.3billion litres of petroleum products throughout the country in the month of September, 2017.

The figure was captured in the September 2017 edition of the monthly NNPC Financial and Operations Report which was released today in Abuja. The figure shows a 29 per cent increase from the 950.67 million litres posted in the month of August 2017.

According to the report, products which were distributed and sold by the Petroleum Products Marketing Company (PPMC), the downstream subsidiary of the NNPC, comprised of about 1.2billion litres of petrol, 35.58 million litres of kerosene and 86.30 million litres of diesel. While total special products for the month of September 2017 was 9.29 million litres comprising of 7.43 million litres of Low Pour Fuel Oil (LPFO) and other special products of 1.86 million litres.

The sale of white products (petrol, kerosene and diesel) for the period September 2016 to September 2017 stood at 15.61 billion litres. A further breakdown showed that petrol amounted to 13.65 billion litres and accounts for 87.45 per cent. 

In terms of average daily sales and distribution of petroleum products, the numbers indicated that 42,752, 626 million litres of petroleum were recorded during the period comprising a daily petrol distribution figure of 38,690,970 million litres, 2,876,745 million litres of diesel, 1,185,906 million litres of kerosene and 2,677,995 million litres of special products.

In terms of revenue generation, PPMC posted a total sales figure of ?151.42 billion for white products in the month of September 2017 compared to ?111.36 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 stood at ?1,877.42 billion, where petrol contributed about 85.08% of the total sales with a value of ?1,596.98 billion.

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 September 2017 NNPC Financial and Operations Report is the 26th edition of the series.

Meanwhile, the NNPC has disclaimed the allegation that Dr. Maikanti Baru, had ever stated in any fora that the Chief of Staff to the President, Mallam Abba Kyari, “directed the Corporation to keep the sum of N50billion away from the Treasury Single Account (TSA).”

NNPC wishes to state that the allegation is baseless, and is a clear misrepresentation of the truth.

An online publication made the allegation recently.

By virtue of the operations of the NNPC, the Corporation had made series of compelling cases to the Presidency and the Central Bank of Nigeria to allow certain categories of accounts operate outside the TSA, as they contain co-mingled funds governed by detailed agreements with local and international implications.

NNPC equally wishes to state that while these necessary approvals sought by the NNPC were graciously given by the Presidency, the Chief of Staff merely conveyed the notice of these approvals to the Corporation.

In the same vein, members of the relevant committee of the National Assembly have requested for copies of such approvals, which were duly provided by the Corporation.

To claim that the Chief of Staff single-handedly approved these exemptions was not only unfair, but is a complete misrepresentation of facts to mislead the general public.

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