PPMC realises N957.78b from white products

The Petroleum Investment Management Company (PPMC), said it generated total revenue of N957.78 billion from the sales of white products for the period July 2015 to June 2016.

According to the latest report from the Nigerian National Petroleum Corporation (NNPC), Premium Motor Spirit (PMS) contributed about 89.19 per cent of the revenues collected with a value of ₦N854.20 billion.

Specifically, NNPC subsidiary made ₦N101.96 billion from the sales revenue of white products in the month of June 2016 alone.

NNPC disclosed that a total of 860.46 million litres of white product was distributed and sold by PPMC in the month of June 2016 compared with 1,256.07 million litres in the month of May 2016.

This, it said, comprised of 761.04 million litres of PMS, 66.31 million litres of Kerosene and 33.11 million litres of Diesel. “Total sale of white products for the period July 2015 to June 2016 stands at 10.74 billion litres, PMS (9.54 billion litres) accounts for 88.79 per cent. While total special products for the period under review was 3.52 million litres comprises of 2.44 million litres of LPFO and 1.08 million litres of other special products,” it added.

NNPC said that the petroleum products (PMS and Dual Purpose Kerosene (DPK) production by the domestic refineries in June 2016 amounted to 331.15 million litres compared to 164.94 million litres in May 2016.

It disclosed that in June 2016, 1,183.78 million litres of white products was supplied into the country through the Direct-sale-Direct-Purchase (DSDP) arrangements while 955.29 million litres was supplied in the month of May 2016; PMS and DPK receipt in May 2016 were 873.82 million litres and 81.48 million litres.

NNPC disclosed: “The combined value of output by the three refineries (at import parity price) for the month of June 2016 amounted to ₦24.68 billion while the associated Crude plus freight cost was ₦22.25 billion, giving a deficit of ₦4.69 billion after considering overhead of ₦7.12 billion. This deficit for the month was primarily due to irregular crude supply and impact of pipeline vandalism.

Total Crude processed by the three local Refineries (KRPC, PHRC & WRPC) for the month of June 2016 was 225,770MT (1,655,345.99bbls) which translates to a combined yield efficiency of 80.39 per cent compared to crude processed in May 2016 of 301,604MT (2,211,361bbls) with a combined yield efficiency of 83.47 per cent.