Economy

NNPC: We sold 1.3 billion litres of petroleum products in September

Written by Maritime First

…As DPR seals 12 fuel stations in Borno

…Black marketers dispense at N325 per litre***

The Nigerian National Petroleum Corporation (NNPC) distributed and sold about 1.3 billion litres of petroleum products throughout the country in September, a report has indicated.

The NNPC Group General Manager Public Affairs Division, Mr. Ndu Ughamadu indicated this on Monday, highlighting the figure in the Sept. 2017 edition of the monthly NNPC Financial and Operations Report.

“The figure shows a 29 per cent increase from the 950.67 million litres posted in the month of August 2017,’’ the report said.

The report showed that products, which were distributed and sold by the Petroleum Products Marketing Company (PPMC), the downstream subsidiary of the NNPC comprised about 1.2 billion litres of petrol, 35.58 million litres of kerosene and 86.30 million litres of diesel.

“The total special products for Sept. 2017 were 9.29 million litres, comprising 7.43 million litres of Low Pour Fuel Oil (LPFO), and other special products of 1.86 million litres.

“The sale of white products (petrol, kerosene and diesel) for the period September 2016 to September 2017 stood at 15.61 billion litres,” he said.

In terms of average daily sales and distribution of petroleum products, 42,752, 626 million litres of petroleum were recorded during the period.

According to the report, this comprises a daily petrol distribution figure of 38,690,970 million litres, 2,876,745 million litres of diesel, 1,185,906 million litres of kerosene and 2,677,995 million litres of special products.

In terms of revenue generation, PPMC posted a total sales figure of ₦151.42 billion for white products in September 2017, compared to ₦111.36 billion sold in August 2017.

Total revenue generated from the sales of white products for the period September 2016 to September 2017 stood at ₦1,877.42 billion, while petrol contributed about 85.08 per cent of the total sales with a value of ₦1,596.98 billion.

Ughamadu said that the NNPC Financial and Operations Report was usually posted on the NNPC website and in national dailies to sustain effective communication with stakeholders.

According to him, this is in line with the corporation’s commitment to becoming more accountable and responsive.

The September 2017 NNPC Financial and Operations Report is the 26th edition of the series.

In the meantime, not fewer than 12 petrol stations have been sealed up in Borno, by the Department of Petroleum Resources (DPR) over fuel dispensing crimes and other offences.

This followed the black market sale of a litre of petrol at N325, while a four-litre gallon was sold at N1,300.

The DPR North-East Coordinator, Alhaji Idris Zoaka indicated this in Maiduguri on Monday, noting that the stations were found to be engaging in hoarding, diversion and over pricing of products.

He explained that the erring stations were sealed in the past one week, adding that they were also fined in accordance with laws governing operations.

He added that “the measure was necessary to end scarcity and enhance availability of petroleum products in the state.

“We make sure that the stations dispensed fuel to consumers but must pay the fine before they could resume operation.”

Zoaka said the department was working in collaboration with Independent Petroleum Marketers Association of Nigeria (IPMAN) to sensitize members on dangers associated with hoarding and over-charging consumers.

He disclosed that the NNPC had supplied 69 trucks of petroleum products in the past one week to the state.

The coordinator said the products included Premium Motor Spirit (PMS), diesel and kerosene, and expressed the hope that the situation would change in view of improvement in the supply.

Zoaka urged motorists to cooperate with the department and provide useful information on stations engaged in hoarding and dispensing fuel above approved pump price.

Meanwhile, the fuel scarcity currently rearing its head in Lagos, Abuja and Ibadan, has also shown its dreaded face in Maiduguri metropolis, with long queues in the few available dispensing stations, as most of them have run out of stock.

The situation forced desperate consumers to patronise “black market” outlets who sold at exorbitant prices.

A litre of petrol was sold at N325, while a four-litre gallon was sold at N1,300.

Motorists insist that marketers were to blame for scarcity of products, saying most of the marketers divert products.

Malam Audu Abba, a resident, said the situation had exposed him to difficulties, noting that he spent more than three hours on queue without getting product.

Ibrahim Bana, a tricycle operator, said that the fuel scarcity had forced them to increase charges, highlighting that he has begun to charge N70, as against N50 per drop before the scarcity.

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Maritime First