Nigeria spends N2.27tn on imported petrol for 13 months – NNPC

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By Usman Sulyman

In 13 months, Nigeria has spent N2.37tn on petrol imported into the country by the Nigerian National Petroleum Corporation (NNPC), a data released by the corporation has shown.

The corporation said on Wednesday that its total revenue generated from the sales of white products for the period of May 2019 to May 2020 stood at N 2.39tn.

It disclosed that petrol contributed about 98.84 per cent of the total sales with a value of N2.37tn.

The corporation said it made N92.58bn through the sale of petrol in May 2020.

It said the revenue from petrol sale was generated through its subsidiary, the Petroleum Products Marketing Company, as the oil firm also announced a 43 per cent decrease in oil pipeline vandalism in May.

NNPC’s Group General Manager, Public Affairs Division, Kennie Obateru, explained that these were contained in the May 2020 version of the corporation’s Monthly Financial and Operations Report.

The report stated that the N92.58bn was made on the sale of white products (only petrol this time) by PPMC during the review period.

The oil firm said 950.67 million litres of white products were sold and distributed by the corporation’s downstream subsidiary, PPMC.

This comprised 950.67 million litres of Premium Motor Spirit, popularly called petrol, only with no Automotive Gas Oil or Dual Purpose Kerosene.

There was also no sale of special product in the month, according to the report.

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