Nigeria’s refineries – the Port Harcourt Refining Company Limited Port Harcourt Refineries Corporation (PHRC); Kaduna Refining and Petrochemicals Company Ltd. (KRPC); and Warri Refining and Petrochemicals Company Ltd. (WRPC) realised N62 billion from refined products in May 2017, The Guardian reports.

The Nigerian National Petroleum Corporation (NNPC), which made this known in its monthly report released on Tuesday, said that the associated crude plus freight costs and operational expenses were ₦50.01 billion and ₦9.31 billion respectively.

This, it noted, resulted to an operating surplus of ₦2.68 billion by the refineries. According to the NNPC, the operators of the refineries, the refineries combined capacity utilisation was 23.09 per cent with PHRC recording the highest level of 34.29 per cent during the period under review.

NNPC added that a total sale of ₦145.78 billion was made on the petroleum products for white products by Pipelines and Product Marketing Company limited, (PPMC) in the month of May 2017 compared with ₦199.11 billion sold a month earlier.

It put total revenues generated from the sale of white products from May 2016 to May 2017, at ₦1,790.82 billion, where petrol contributed about 85.37 per of the total sales with a value of about ₦1. 53billion.