PPMC posts N295bn revenue from sales of petroleum products in May

The Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the Nigerian National Petroleum Corporation (NNPC) in May 2021, posted a total sum of N295.72bn from the sales of petroleum products.

Also, the total revenues generated from the sales of petroleum products between May 2020 and May 2021 stood at N2.345trillion with Premium Motor Spirit (PMS) contributing about 99.61% of the total sales valued at N2.336trillion.

This is contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

According to the report, the NNPC recorded a total crude oil and gas export sales of $219.75m in the month under review, representing a 180.29 per cent increase in sales from the previous month of April 2021.

In terms of volume, the figure translates to a total of 2.241billion litres of white products sold and distributed by PPMC in the month of May 2021 compared with 1.673billion litres in the month of April 2021.

Similarly, crude oil export sales contributed $181.19m (82.45%) of the dollar transactions compared with the $4.22 million contributions in the previous month, while the export gas sales component stood at $38.56million in May 2021.

In total, the Corporation exported crude oil and gas worth $1.64billion between May 2020 and May 2021.

Total sales of petroleum products for the period May 2020 to May 2021 stood at 18.651billion litres and PMS accounted for 99.69% of total volume.

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