- Reports 29% Products Supply Growt In Sept
By Nse Anthony-Uko
ABUJA, (Sundiata Post) — The Nigerian National Petroleum Corporation (NNPC) has assured motorists and other petroleum products consumers not to engage in panic buying.
The Corporation’s spokesperson, Ndu Ughamadu explained in a statement that the NNPC alongside other relevant government agencies are in consultation with industry unions to ensure an amicable resolution of issues that had led to threats of industrial action.
The Corporation equally warned marketers to desist from hoarding products as law enforcement agencies, working with industry regulators, have been detailed to take appropriate measures against any defaulter.
It added that the Corporation has enough petroleum products to keep the nation wet.
In another development the NNPC said it distributed and sold about 1.3billion litres of petroleum products throughout the country in the month of September, 2017.
The figure was captured in the September 2017 edition of the monthly NNPC Financial and Operations Report which was released today in Abuja. The figure shows a 29 per cent increase from the 950.67 million litres posted in the month of August 2017.
According to the report, products which were distributed and sold by the Petroleum Products Marketing Company (PPMC), the downstream subsidiary of the NNPC, comprised of about 1.2billion litres of petrol, 35.58 million litres of kerosene and 86.30 million litres of diesel. While total special products for the month of September 2017 was 9.29 million litres comprising of 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. A further breakdown showed that petrol amounted to 13.65 billion litres and accounts for 87.45 per cent.
In terms of average daily sales and distribution of petroleum products, the numbers indicated that 42,752, 626 million litres of petroleum were recorded during the period comprising 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 the month of September 2017 compared to ₦111.36 billion sold in the prior month of August 2017.
Total revenues generated from the sales of white products for the period September 2016 to September 2017 stood at ₦1,877.42 billion, where petrol contributed about 85.08% of the total sales with a value of ₦1,596.98 billion.
The 26th edition of the NNPC Financial and Operations Report also highlighted that the corporation had sustained effective communication with stakeholders through this report via publications on its website and in national dailies.
