The revenue from petrol sold by the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), dropped in the first two consecutive months of price hike.
According to data from the NNPC, the PPMC saw its petrol sales revenue fall in July and August despite the increase in the pump price of the product.
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, according to the NNPC data.
But 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.
The NNPC, in its latest monthly report, said, “A total of 950.66 million litres of white products were sold and distributed by PPMC in the month of August 2020, compared with 1,036.16 million litres in the month of July 2020.
“This comprised 946.47 million litres of PMS, 2.72 million litres of AGO (Automotive Gas Oil) and 1.47 million litres of DPK (Dual Purpose Kerosene). There was no sale of special product in the month.”
It said a total sum of N114.70bn was made on the sale of white products by the PPMC in August, down from N121.69bn in July.
Revenue from petrol sales dropped to N114.02bn in August from N119.56bn in July and N133.23bn in June, according to the NNPC.