The largest oil marketing companies in Nigeria recorded an increase in revenue, 46% greater than last year as the distortion in oil supply continues affect the market and lead to higher prices.
The firms includes MRS Oil Nigeria Plc, TotalEnergies Marketing Nigeria Plc, Conoil Plc and Eterna Plc. These firms recorded a combined revenue of N622.42bn, improving by 212.93% from 2021 to 2022.
According to their financial records from the Nigerian Exchange Limited, Conoil’s profit revenue rose to N126.69bn from N117.47bn, profit before tax surged by 76.6 per cent to N3.79bn last year from N2.15bn in 2020.
TotalEnergies Marketing Nigeria, a subsidiary of TotalEnergies, experienced a profit increase by 759 per cent to N24.99bn in 2021 from N2.91bn in the previous year. Its revenue increased to N341.17bn from N204.72bn.
MRS Oil Nigeria Plc recorded a revenue growth of N71.98bn from N41.98bn, posting a profit before tax of N114.75m, compared with a loss before tax of N2.26bn in 2020.
Furthermore, Eterna Plc reported a revenue increase of N82.58bn from N59.35bn and loss before tax of N647.93m last year, compared with a profit after tax of N702.46m in 2020.
A recent report by FSDH Capital Limited and the Major Oil Marketers Association of Nigeria stated that petrol, diesel amongst other petroleum products accounted for an estimated 82 per cent, 12 per cent and six per cent respectively.
The report stated, “It is expected that Nigeria’s fuels consumption will grow robustly over the next 10 years. This is typical for an emerging economy with strong demographics, construction sector growth and private consumption expansion.
“Kerosene, diesel and residual fuel are the secondary fuels in terms of consumption and are all set to steadily increase over the coming years. Transport is the main sector driving fuels consumption growth, with the total fleet expected to expand from 950,000 in 2017 to 1.63 million in 2025.”