NNPC records N174.62bn petroleum product sales in March

Finance Ministry denies knowledge of NNPC’s $3.5bn subsidy fund

The Nigerian National Petroleum Corporation (NNPC) on Sunday said it recorded N174.62 billion sale of white petroleum products in March.

The corporation disclosed this in its March Monthly Financial and Operations Report (MFOR) released in Abuja.

It said the March sales figure was higher than the N168.65 billion recorded in February.

It explained that the total revenue generated from the sale of white products from the period March 2018 to March 2019 stood at N2,780.79 billion.

According to the report, Premium Motor Spirit, otherwise called petrol, contributed about 91.09 per cent or N2.533billion.

It added that a total supply and distribution of 1.36 billion litres of Petroleum products were made by its subsidiary, the Petroleum Products Marketing Company (PPMC) in March, compared with 1.33 billion litres in February.

A further breakdown indicated that the March volume comprised 1.29 billion litres of petrol, 0.023 billion litres of Dual Purpose Kerosene (DPK) and 0.047 billion litres for the diesel component.

“Total sale of white products distributed for the period March 2018 to March 2019, stood at 21.99 billion litres, with petrol accounting for 20.63 billion litres or 93.8 per cent,” the NNPC report further stated.
The report also disclosed that 6.4 billion litres of special products were sold during the period under review.