The Managing Director of the Petroleum Products Marketing Company Limited (PPMC), Mr. Umar Ajiya, disclosed that the company has returned to profitability with a trading surplus of N32bn between January and November 2018.
He made this known while the House of Representatives Committee on Petroleum (Downstream), was in the Nigerian National Petroleum Corporation (NNPC) towers, Abuja for an oversight function. The other downstream subsidiaries that made presentations were NNPC Retail Limited, Nigerian Pipelines and Storage Company (NPSC) and NNPC Shipping.
The PPMC boss also stated that as part of the zero-scarcity strategy, the company has over 170 million liters of PMS in stock at some NNPC Depots across the country following their successful rehabilitation along with connecting pipelines to forestall dependence on private sector depots. NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu disclosed this in a statement on Wednesday.
Source: The Nation