Business

NNPC generates N234.63bn revenue from white products in March

The Nigerian National Petroleum Corporation (NNPC) on Sunday stated that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded N234.63 billion revenue from the sale of white products in the month of March 2021.

This was stated in a statement by the Corporation spokesman, Dr Kennie Obateru, in Abuja.

White products include benzene, kerosene, and gasoline.

According to Obateru, the revenue from the white products in the month of March represents 24.7 per cent increase from the N188.15 billion recorded in February.

The NNPC Monthly Financial and Operations Report for the month of March 2021 also revealed that the total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at N2.129trillion, with petrol sales contributing about 99.24 per cent of the total sales.

NNPC explained that in terms of volume, 1.75 billion litres of white products were sold and distributed by PPMC in the month of March 2021 compared to 1.4billion litres in the month of February 2021.

“This volume is made up of 1.782 billion litres of Premium Motor Spirit (PMS) and 0.45million litres of Automotive Gas Oil (AGO).

Total sale of white products for the period of March 2020 to March 2021 stood at 17.374billion litres and PMS accounted for 17.265billion litres or 99.37 percent”, Dr. Obateru stated.

He explained that “NNPC continues to diligently monitor the daily stock of PMS to achieve uninterrupted supply, effective distribution and zero fuel queue across Nigeria”.

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