The Nigeria National Petroleum Corporation (NNPC), says it recorded N38.67billion from the sale of downstream petroleum products in September down to N5.53bn when compared to August.
This revelation was contained in the corporation’s report for September obtained by NAN in Abuja on Sunday.
The report stated that the amount was in respect of revenue from “white products” sold by the Pipelines and Product Marketing Company (PPMC).
White products include Automotive Gas Oil (AGO), Household Kerosene (HHK), and Premium Motor Spirit (PMS).
Inclusive in the report is NNPC generated revenue of N44.2 billion from the sale of white petroleum products in August.
According to the report, the total revenue for white products sold from January to September 2015 stood at N461.1 billion.
It stated that the Premium Motor Spirit (PMS) contributed about 86 per cent of all the revenues collected from January to September with a value of N395.68 billion.
The combined value of output by the three refineries in Nigeria amounted to N9.9 billion for crude processed in September.
The report said that the associated crude plus freight cost stood at N6.3 billion, representing a loss of N8.8 billion after an overhead cost of N12.4 billion.
The report also indicated that 75.78 million litres was produced compared to 200.2 million litres in August in respect of products from domestic refineries.
It stated that the total crude processed by the three refineries in September was 261,371.14 bbls (35,648 MT) translating to a combined capacity utilisation of 1.96 per cent
According to the report, only Port Harcourt refinery produced 31,008 million MT of petroleum products, out of 35,648 million MT of crude processed at an average capacity utilisation of 5.77 per cent.
-Emmanuel Ikechukwu
