PPMC earns N957bn from petroleum products sales in 1 yr

According to data obtained from the Nigerian National Petroleum Corporation (NNPC), the Pipelines and Product Marketing Company (PPMC), earned N957 billion from the sales of petroleum products in 12 months, between July 2015 and June 2016, Vanguard reports.

The NNPC, in its Monthly Operations and Financial Report for June 2016, disclosed that the amount was earned from the sales of white products, comprising Premium Motor Spirit, also known as petrol; Automotive Gasoline Oil (AGO), and Dual Purpose Kerosene (DPK). PMS sales accounted for 89.19 per cent of PPMC’s total revenue, with N854.2 billion, while revenue from AGO and DPK sales stood at N41.2 billion and N62.376 billion respectively.

In particular, the report stated that the PPMC sold 10.74 billion litres of white products between July 2015 and June 2016, with PMS accounting for 88.79 per cent of total sales with 9.54 billion, while AGO and DPK sales were put at 403.906 million litres and 800.308 million litres respectively.