On the heels of increasing prices of Premium Motor Spirit (PMS) and other related products, a total of four listed Petroleum marketing companies on the Nigerian Exchange Limited (NGX) generated an increase of 47 per cent in revenue in 2021.
These four companies, according to THISDAY investigations are Conoil Plc, Eterna Plc, Juli Plc, Totalenergies Marketing Nigeria Plc and MRS Oil Nigeria Plc.
The companies reported a total of N622.79 billion in 2021 unaudited result and accounts for full year ended December 31, 2021 as against N423.8 billion reported in prior full year result.
A breakdown revealed that MRS Oil Nigeria reported the highest revenue followed by Totalenergies Marketing Nigeria.
While MRS Oil Nigeria’s revenue grew by 71.44 per cent to N71.98billion in 2021 from N71.45billion generated in 2020, Totalenergies Marketing Nigeria generated N341.2billion revenue, an increase of about 67 per cent from N204.72billion reported in 2020.
In addition, Eterna Plc reported N82.6billion in revenue in 2020, an increase of 39 per cent from N59.3 billion reported in 2020, while Conoil generated N126.7 billion as revenue in 2021 from N117.47 billion reported in 2020.
Further investigations revealed that these companies revenue growth was driven by sales in PMS also known as petrol and Automotive Gas Oil (AGO) popularly called diesel and lubricants and greases.
For instance, Totalenergies Marketing Nigeria grew its petroleum products revenue by 62.4 per cent to N255.04 billion in 2021 from N157.05 billion in 2020, while its lubricants & others revenue rose significantly by 81 per cent to N86.13 billion in 2021 from N47.7 billion in 2020.
Revenue from PMS reported by MRS Nigeria rose by 90.06 per cent to N60.2billion in 2021 from N3.67billion in 2020.
With the further steady increase in global oil prices, the federal government through Petroleum Products Pricing Regulatory Agency (PPPRA) in March 2021 released a pricing template that indicated the guiding prices.`The template, which showed that petrol pump price was expected to range from N209.61 to N212.61 per litre, was greeted with widespread public outcry.It was based on an average oil price of $62.22 per barrel, and the landing cost of petrol was put at N189.61 per litre. According to the Organization of the Petroleum Exporting Countries (OPEC), the price of crude oil moved from $67.12 in 2020 to $ 77.97 per barrel in 2021.The National Bureau of Statistics (NBS) revealed that the average price paid by consumers for PMS increased by 0.04per cent on year-on-year basis […]