NNPC Sells 950.67m Litres of Petrol In May

The Federal Government imported petrol valued at N2.37 trillion into the country in thirteen months, according to the Nigerian National Petroleum Corporation (NNPC).

On Wednesday, the corporation said revenue from the sales of white products stood at N2.39 trillion between May 2019 and May 2020.

It, therefore, stated that petrol contributed about 98.84 percent or N2.37 trillion of the total sales generated during the period.

In May, the corporation said it realised N92.58 billion from the sale of petrol. NNPC said the product was sold through its subsidiary, the Petroleum Products Marketing Company (PPMC).

According to the May 2020 version of the corporation’s Monthly Financial and Operations Report quoted by Kennie Obateru, the Group General Manager, Public Affairs Division, NNPC, 950.67 million litres of white products (only petrol) was sold by PPMC in the month.

This, he said “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.”

Nigeria continues to depend on importation for its petrol supplies due to local dilapidated refineries that have failed to operate at optimal level despite billions of dollars budgeted for maintenance yearly.

Experts have said petrol importation is one of the main reasons the nation’s foreign reserves continues to struggle, especially at a period when oil prices are trading at a record low with broadly low demand for the commodity.

Nigeria’s foreign reserves is presently hovering around $36 billion, down from its record high of $45 billion attained in June 2019. The decline has also impacted the ability of the Central Bank of Nigeria to support the Nigerian Naira.

The Naira has been devalued by 15 per cent in the last four months and was recently adjusted from N361 a US dollar to N381 per US dollar on the Investors and Exporters forex window to ease the pressure on the reserves.