Nigeria’s spending on petrol in the thirteen-month period between February 2019 and February 2020 came to N2.5 trillion out of the total N2.6 trillion expended by the populace on petroleum products in general.
The Nigerian National Petroleum Corporation (NNPC) in its Monthly Financial and Operations Report February 2020, released on Tuesday, observed that gasoline accounted for 98.06% of all the white products sold by the country within the period.
Kennie Obateru, Group General Manager, Group Public Affairs Division at NNPC stated that the state-owned corporation posted 39.4% sales growth in February with N211.62 billion realised, relative to the N151.79 billion reported the month before.
Trade surplus was 111.2% higher in February when N3.59 billion was posted as against the January figure of N1.87 billion.
The NNPC linked the positive drift to the improving efficiency of the Nigerian Gas Company as well as drop in the deficits recorded by refineries, downstream units and the NNPC headquarters.
The Petroleum Products Marketing Company sold and distributed 1.710 billion litres of petroleum products in the month under review up from 1.2 billion litres in January.
Out of this, petrol accounted for 1.7 billion litres of trade volume while diesel constituted 1.09 million litres. Low Pour Fuel Oil contributed 0.01 million litres to trade, the report stated.
Between February 2019 and February 2020, the value of total sales of white products came to 21 billion litres with petrol responsible for 20.8 litres or 98.73%.
Join the conversation
INVESTIGATION: Inside UNILAG’s multi-million naira budgetary abuse and academic discord
The University of Lagos located in Nigeria’s commercial capital, Lagos, has been embroiled in controversies with allegations bothering on misappropriation of...
SPECIAL REPORT: Displaced residents of Zamfara battle hunger, as underfunding derails Nigeria’s nutrition goals
On paper, Muhammad Zayyanu is seven years old. The quiet boy who looks shorter for his age could not recollect...
INVESTIGATION: N7.3bn paid for unnamed projects; how Nigerian govt spent N2.2trn in six months
Analysing nearly 3,000 payments made by various Federal Government Ministries, Departments and Agencies (MDAs) over the previous six months (January...
INVESTIGATION… Delay rocks Nigerian govt’s promise of N30,000 covid-19 relief for artisans, others
Before the outbreak of the COVID-19 pandemic in February, 2020, Chukwudi Okoroigwe’s daily earnings as a bus driver was hardly enough to cater to the...
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...