- Prominent oil marketers in Nigeria have recorded a massive jump in revenue as Nigeria announced the removal of petrol subsidy
- The companies, led by Seplat Energy Nigeria, include TotalEnergies, Conoil, MRS, and Etena
- Reports say the companies’ sale revenue was boosted by petrol and diesel prices in the period
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As Nigeria announced petrol subsidy removal, major petroleum marketing companies reported a profit increase for the quarter ending March 2023.
A report says that five of the significant marketers, including Seplat Energy Limited, Conoil, Eterna, TotalEnergies Marketing Nigeria, and MRS Oil Nigeria, generated about N384.2 billion in revenue in Q1 of 2023, representing a 41% increase from N273.06 billion reported in the first quarter of the previous year.
Seplat Energy leads top oil companies in revenue generation
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According to ThisDay, Seplat Energy generated the most profit at N151.99 billion in the period under review, a 51% increase from N100.62 billion in the first quarter of 2022.
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TotalEnergies Nigeria followed with N135.5 billion in revenue in Q1 2023, a 39% growth from N97.61 billion revenue recorded in Q1 of 2022.
- Conoil: N34.97 billion
- MRS Oil Nigeria: N30.79 billion
- Eterna: N31.18 billion
The oil firms benefitted from a continuous increase in prices of PMS, among others, in the period under review amid demand from local and international markets.
NBS reports an increase in diesel prices
The National Bureau of Statistics (NBS) revealed that the average price of petrol paid by consumers increased by 42.63% in March 2023 to N264.29, comparable to the N185.30 value recorded in March 2022.
The NBS, in its Automative Gas Price Watch for March 2023, said the average retail price of diesel paid by consumers went up by 55.90% year-on-year, moving from a lower cost of N539.31 per litre in the corresponding month of last year to a high of N836.81 per litre in March 2023.
Further findings revealed that the oil firms’ revenue growth drove PMS and diesel sales.
TotalEnergies grew its petroleum products revenue by 54.5% to N104.96 billion in Q1 from N67.96 billion in Q1 of 2022, while lubricants and other income fell by 0.98% to N40.322 billion in Q1 2023 from N30.63 billion in Q1 of 2022.
Seplat Petroleum recorded N136.8 billion in crude oil sales in the first quarter of 2023 from N89.96 billion in 2022.
Mike Adenuga's Conoil records 400% increase in profit as revenue from petroleum products sales exceeds N34bn
Legit.ng reported that Conoil Plc, a leading Nigerian petroleum marketing company controlled by billionaire Mike Adenuga, announced impressive first-quarter financial figures.
According to the company's financials, it made over N34 billion in revenue from selling petroleum products in the first quarter of 2023.
This represents a 33.72% revenue increase compared to the N26.1 billion reported in 2022.