The Nigerian National Petroleum Corporation, NNPC, and its subsidiary, the Pipeline and Products Marketing Company, PPMC, earned N680.1billion from the sale of 5.5 billion litres of white petroleum products in the first four months of the year, between January and April 2017.
White products comprise Premium Motor Spirit, PMS, Automotive Gasoline Oil, AGO, and Dual Purpose Kerosene, DPK.
The NNPC, in its Financial and Operations Report for the Month of April 2017, disclosed that the amount earned in the four months, January to April 2017, represented an increase of 32.36 per cent compared to N513.8 billion recorded in the preceding four months of 2016 (September – December 2016).
Giving a breakdown of the value of the commodities sold in the period under review, the report stated that in January 2017, 752.4 million litres of white products valued at N94.7 billion was sold, while in February, 1.4 billion litres were sold at a value of N179.8 billion. In March and April 2017, 1.7 billion litres of white products valued at N206.4 billion and 1.7 billion litres valued at N199.1billion respectively were sold by the PPMC.
Further breakdown revealed that PMS sales in the four-month period stood at N557.1 billion, while AGO and DPK revenue stood at N90.1billion and N32.9billion respectively. The report further stated that between April 2016 and April 2017, total white products sales stood at N1.7 trillion, with PMS accounting for N1.5 trillion; AGO N171.1billion and DPK N80.8 billion. In volume terms, this translated to a total of 14.973 billion litres of white products, with PMS accounting for 13.07 billion litres; AGO, 1.17 billion litres; and DPK 736.76 million litres.
The report, however, stated that in January 2017, the country’s refineries produced a total of 327.67 million litres of white products, comprising 235.555 million litres of PMS; and 92.112 million litres of DPK; while in February, total white products of 263.56 million litres were produced by the refineries, comprising 185.73 million litres of PMS and 77.83 million litres of DPK.
For March and February, total white products of 182.18 million litres and 232.709 million litres were produced by the refineries, respectively, comprising 142.36 million litres of PMS, 39.81 million litres for DPK; and 170.3 million litres and 62.406 million litres for DPK respectively.
The NNPC also stated that In April 2017, 1.290 billion litres of PMS was supplied into the country through the Direct Sale-Direct Purchase (DSDP) arrangements as against the 1.491 billion litres supplied in the month of March 2017.
The report added that the “The combined value of output by the three refineries, at import parity price, for the month of April 2017 amounted to N60.68 billion while the associated Crude plus freight costs and operational expenses were N51.50 billion and N7.60 billion respectively.
“This resulted to an operating surplus of N1.58 billion by the refineries. Also, during the period under review, refineries combined capacity utilization was 24.59 per cent, with Kaduna Refinery and Petrochemical Company, KRPC, recording the highest capacity utilization of 31.30 per cent.