Saturday, November 28, 2020

NNPC petrol sales revenue drops despite price hike



Latest data from the NNPC have shown
that the volume of petrol sold by the Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, dropped in the first two consecutive months of price hike.

Sales of Premium Motor Spirit, also known as petrol had plunged to record low in April amid the lockdown imposed by the Federal Government to contain the spread of COVID-19 pandemic in the country.

Petrol sales by PPMC fell to 941.22 million litres in April from 1.65 billion litres in March, 1.73 billion litres in February and 1.19 billion litres in January.

Petrol sales started to recover in June following the easing of lockdown, rising from 950.67 million litres in May to 1.34 billion litres.

The recovery was, however shortlived as PPMC’s petrol sales declined to 1.02 billion litres in July and 946.47 million litres in August.

Nigerians saw increases in the pump prices of petrol in July and August, from N121.50–N123.50 per litre in June to N140.80 – N143.80 in July, and N148 – N150 in August.