By Michael Eboh

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 2016.

According to the NNPC’s Monthly Financial and Operations Report, the Group almost doubled its 2015 sales figures at 96.55 per cent against revenue of N665.68 billion recorded at the end of 2015.

NNPC

The report stated that 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.

Further breakdown shows revenue from PMS, AGO and DPK stood at N1.129 trillion, N91.377 billion and N67.354 billion respectively.

In the special products category, the report shows 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.

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 shows that 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. While the PPMC posted a loss of N683 million, NNPC Retail made up for it with a profit of N7.479 billion.