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Nigerians purchased PMS worth N2.33tn in 13 months – NNPC

THE total revenue generated from the sale of petroleum products for the period of May 2020 to May 2021 stood at N2.35tn, the Nigerian National Petroleum Corporation said on Monday.

Premium Motor Spirit contributed about 99.61 per cent of the total N2.35tn sales with a value of N2.34tn, disclosed the corporation.

The Group General Manager, Group Public Affairs Division of the Corporation, Garba-Deen Muhammad, in a statement said the figures were contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report.

Titled, “NNPC records crude oil, gas sales of $219.75m in May …posts N295.72bn from sale of petroleum products,” the statement reads in part:

“Total revenues generated from the sale of petroleum products for the period of May 2020 to May 2021 stood at N2.345tn where Premium Motor Spirit contributed about 99.61 per cent of the total sales with a value of N2.336tn.

“In terms of volume, the figure translates to a total of 2.241 billion 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.”

Total sales of petroleum products for the period May 2020 to May 2021 stood at 18.65 billion litres and PMS accounted for 99.69 per cent of total volume.

The NNPC also recorded a total crude oil and gas export sales of $219.75m in May this year.

The $219.75m represents an increase in sales of 180.29 per cent when compared to the previous month of April this year.

Crude oil export sales contributed $181.19m (82.45 per cent) of the dollar transactions compared to $4.22m contribution in the previous month, while the export gas sales component stood at $38.56m in May 2021, the report stated.

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