The Nigerian National Petroleum Corporation (NNPC) has generated N1trn as revenue from the sales of white petroleum products between September 2015 and August 2016.

The NNPC revealed in its latest financial and operations report that the sales were made through its downstream arm, the Pipelines and Products Marketing Company (PPMC).

The sale of Premium Motor Spirit (PMS), also known as petrol, contributed about 90 percent of the revenues with a value of N909.11bn. It was followed by kerosene with N51.86bn and, diesel, N51.61bn.

The NNPC made the highest sales within the year under review in August 2016 with N129.84bn, four months after the federal government had increased the price of petrol to N145 per litre.

According to the report, PMS sales in August grossed N111.55bn. It said that N10.53bn was realised from diesel while kerosene sales contributed N7.76bn.
Meanwhile, the spokesman for the NNPC, Garba Deen Muhammad, said that the recent increase in the price of PMS by the NNPC mega stations was meant to avoid congestion in the major cities.

“NNPC has been selling for less than N145 per litre but when we sell above that price (N141) within Abuja, the action is intended to avoid congestion in the city,” he said. “We try to go as close to other marketers as possible because if you sell at N140, N141 or N142, what you get is congestion within the city.”