NNPC earns N1.9tr from petrol as Nigerians consume 16bn litres

The Nigerian National Petroleum Corporation (NNPC), has said that about N1.9 trillion was generated from sales of Premium Motor Spirit, otherwise known as petrol, in a space of one year.

Its monthly Financial and Operations Report showed that while the products fetched in N1.95 trillion for the period covering October 2019 to October 2020, petrol alone accounted for about 99.07 percent of the total sales.

The Petroleum Products Marketing Company, (PPMC), responsible for the downstream operations of the NNPC, recorded N158.04 billion from the products in the month of October 2020, representing a 92 percent increase over the N80.15 billion earned the previous month.

According to the document, Nigerians consumed 1.224.54 billion litres of the products in October 2020, as against the 603.39 million litres tally of September.

The report noted that during the period, 214.07 billion cubic feet (bcf) of natural gas were produced in October 2020, translating to an average daily production of 6,908.34 million standard cubic feet per day (mmscfd)

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