A subsidiary of state oil firm, NNPC, Petroleum Products Marketing Company Limited, PPMC has reported a 15
percent drop in revenue for 2020. The newly filed audited report for the Company, said it earned approximately N28 billion in the past year, as against approximately N33 billion declared in 2019, signifying a 15 percent loss. When in March 1988 the NNPC was reorganized for the purpose of proper capitalization and commercialization, one of the
subsidiaries created was the PPMC. It was however, incorporated in Nigeria under the Companies and Allied Matters Act, CAMA 2020 as a private Company. The Company is principally engaged in the supply and marketing of refined petroleum products to marketers/retailers on behalf of its parent company, NNPC as an agent and does not hold any stock of petroleum products. It also earns income from a 50:50 profit sharing agreement with Duke Oil, one of its related parties, commission from collection of levies on behalf of the Petroleum Equalization fund, PEF and sale of Liquefied Petroleum Gas, LPG. However, during the year under review, the report said there was no sale of LPG.
Source: https://sweetcrudereports.com/nnpc-subsidiary-ppmc-loses-15-revenue-in-2020/