The Nigerian National Petroleum Corporation saw its revenue from petrol sales plunge by 47.38 per cent to N107.
61bn in April as supply dropped amid the coronavirus lockdown and the reduction in the pump price of the product.
The Petroleum Products Pricing Regulatory Agency further announced on March 31 a price band of N123.50-N125 per litre of petrol for the month of April. It said, “This comprised 941.11 million litres of Premium Motor Spirit, 47.16 million litres of Automotive Gas Oil and 1.78 million litres of Dual Purpose Kerosene.“Total sale of white products for the period April 2019 to April 2020 stood at 21,027.43 million litres and PMS accounted for 20,834.36 million litres or 99.08 per cent.”
“The lack of production is due to ongoing rehabilitation works at the refineries,” the corporation added. In the first term of the President, Major General Muhammadu Buhari , the NNPC had planned to rehabilitate the refineries to attain a minimum of 90 per cent capacity utilisation.
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