A downstream subsidiary of the Nigerian National Petroleum Corporation (NNPC), the Petroleum Products Marketing Company (PPMC) has earned N234.63 billion revenue from the sale of petroleum products in March 2021.
This represented a 24.7 percent increase from the N188.15 billion sales recorded in February, the corporation disclosed this in its Monthly Financial and Operation Reports (MFOR), released in Abuja on Sunday.
In terms of volume, the report noted that the value translates to 1.75billion litres of white products sold and distributed by PPMC in March 2021, compared to 1.4billion litres in February.
This volume, it said, was made up of 1.782 billion litres of Premium Motor Spirit (PMS), petrol, and 0.45million litres of Automotive Gas Oil (AGO), otherwise known as diesel.
The report says the corporation made a total revenue of N2.129 trillion from the sales of petroleum products between March 2020 and March 2021.
“The total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at N2.129 trillion, where petrol contributed about 99.24 per cent of the total sales with a value of N2.113 trillion,” it said.
“Total sale of white products for the period of March 2020 to March 2021 stood at 17.374billion litres and PMS accounted for 17.265 billion litres or 99.37 percent,” it said.
The MFOR noted that the corporation continued to diligently monitor the daily stock of PMS to achieve uninterrupted supply, effective distribution and zero fuel queue across Nigeria.
In the gas sector, a total of 222.74 billion cubic feet (bcf) of natural gas was produced in March 2021, translating to an average daily production of 7,183.33million standard cubic feet per day (mmscfd).
It revealed that for the period of March 2020 to March 2021, a total of 2,911.62bcf of gas was produced representing an average daily production of 7,409.60mmscfd during the period.
