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Nigerians spent N2.5tn on petrol in 13 months –NNPC



Increase in petrol price inevitable –Rewane

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.

Read also: Nigerian economy needs about N10.1trn stimulus to recover from COVID-19 –NESG

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%.

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