NNPC, PPMC sold N1.31trn petroleum products in 2016′

Th e Nigerian National Petroleum Corporation (NNPC) and its subsidiary, the Products and Pipeline Marketing Company (PPMC) sold petroleum products worth N1.309 trillion over a 12-month period, between January and December 2017. Th is was revealed in the NNPC’s Monthly Financial and Operations Report, which also indicated that the group almost doubled its earnings from the 2015 sales fi gures 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. Further, revenue from PMS, AGO and DPK stood at N1.129 trillion, N91.377 billion and N67.354 billion respectively, but 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