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PPMC gets N1.864tr from petroleum products

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Petrol. PHOTO: GOOGLE.COM/SEARCH

The total revenue generated from the sales of white products by Pipeline and Products Marketing Company for the period of January to December 2017 stood at ₦1.864 trillion.

Of this amount, Premium Motor Spirit (PMS) contributed about 84.72 per cent of the total sales with a value of ₦1.579 trillion, according to data from the Nigerian National Petroleum Corporation (NNPC).

Besides, newly released monthly report by the National Bureau of Statistics (NBS) has shown that a litre of National Household Kerosene has reached N319.44 in Plateau State.

Also, the price per litre of the essential household petroleum product is now sold at N316.67 in Nassarawa and N315.28 in Bayelsa.

This is higher than the average price per litre of N288.85, which the product was sold in January.

Similarly, average price per gallon paid by consumers for kerosene increased from N1,024.83 in January to N1,030.33 in February 2018 from.

NBS also put the average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) at N2,155.97, representing a decrease 1.56 per cent from the N2,190.07 it recorded in January 2018.

States with the highest average price for the refilling of a 5kg cylinder of Cooking Gas were Borno, N2500.00; Yobe, N2500.00; and Anambra, N2364.29.

States with the lowest average price for the refilling of a 5kg cylinder of Cooking Gas were Abuja, Nl,820.00; Ebonyi, N 1,860.00; and Ekiti, N 1,950.00.

Similarly, average price for the refilling of a 12.5kg cylinder cooking gas increased from N4,327.89 in January 2018 to N4333.27 in February 2018.

States with the highest average price for the refilling of a 12.5kg cylinder cooking gas were Akwa Ibom, N5,000.00; Benue, N5,000.00 and Kogi, N4,816.67.

States with the lowest average price for the refilling of a 12.5kg cylinder a cooking gas were Oyo, N3871.05; Ogun, N3788.89; and Lagos, N3,727.78.

Meanwhile, data from NNPC showed that a total of 1.65 billion litres of white products were distributed and sold by PPMC in the month of December 2017 compared with 996.97 million litres in the month of November 2017.

“This comprised of 1.47 billion litres of PMS, 50.06 million litres of Kerosene and 123.42 million litres of Diesel. Total sale of white products for the period January to December 2017 stood at 15.26 billion litres, PMS amounted to 13.31 billion litres and accounts for 87.25 per cent, while total special product for the month of December 2017 was 117.84 million litres, comprising of 67.08 million litres of LPFO and other special products of 50.76 million litres”.

Speaking on the Federal Government’s efforts to ensure effective downstream industry, the Minister of State for Petroleum Resources and Board Chairman, Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe Kachikwu,  said it was imperative to explore options which would open up the market and allow oil marketers to import petroleum products and complement the ongoing efforts by the NNPC to sustain the sanitization of the products supply and distribution matrix.

He however stated that ultimately what the country needed is to have its refineries working, noting that it makes better business sense to add value to crude oil than sell the commodity raw.


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