Economy News Extra Latest News Oil & Gas

PPMC Reports N32Bn Profit, 170Mn Litres Of Petrol Stock

The Managing Director of the Petroleum Products Marketing Company Limited, (PPMC), Umar Ajiya, disclosed that the company had returned to profitability with a trading surplus of N32 billion between January and November 2018.

This is even as he disclosed that the company, through the implementation of the Nigerian National Petroleum Corporation’s (NNPC’s) zero-scarcity strategy, had over 170 million litres of PMS in stock to forestall petroleum products scarcity during the yuletide period and beyond.

Ajiya, who gave these hints when members of the  House of Representatives Committee on Petroleum (Downstream), paid oversight visit to NNPC in Abuja, said the fuel had been stocked in its depots nationwide following their full rehabilitation along with connecting pipelines to forestall dependence on private sector depots.

Earlier in his presentation to the Committee, the corporation’s Group Managing Director, Maikanti Baru, reassured Nigerians of the corporation’s preparedness to ensure zero-scarcity of petroleum products during the upcoming Christmas and New Year festive seasons and beyond.

Baru, who was represented by Chief Operating Officer, Downstream of the NNPC, Mr. Henry Obih, commended the Committee for its support during the last fuel supply hiccups that occurred in the country from November 2017 to the early part of this year.

He disclosed that adequate measures had been put in place to avert any form of petroleum products scarcity during the festive seasons and assured that even if the corporation were to stop importation of fuel now, there was enough stock in the country that can last for 45 days.

The Chairman of the Committee, Hon. Joseph Akinlaja, commended the corporation on the strategies deployed so far to make petroleum products available to Nigerians during the upcoming Christmas festivities and beyond.

Akinlaja, expressed optimism that the sundry measures put in place by the corporation to avert fuel supply shortage would achieve desired result this year going by the efforts given to the planning and execution of the zero-fuel scarcity strategy.

He said: “We are impressed by the presentation and we are sure there will be no war room here again because of products scarcity, you have done very well and I’m happy that Nigerians are going to travel effortlessly at this period of the year.”

On the need to support NNPC to finally address the problem of petroleum products scarcity in the country, especially during festive seasons, the legislator pointed out that the corporation required all stakeholders’ support due to its enormous responsibilities in the downstream sector of the oil and gas industry.

Akinlaja expressed the committee’s satisfaction with the improvement on the integrity of the pipelines and urged NNPC to expedite action on the remaining ones, particularly those linking the Ore depot from Benin city and to the Ibadan depot.

He also called on the Federal Government to pay up the subsidy arrears owed oil marketers to avert any crisis in the distribution of petroleum products in the country, especially during this festive season.

Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *