As fuel subsidy removal was announced in Nigeria, major petroleum marketing companies have confirmed a high rise in profit for the quarter ending March 2023.
It has been reported that five of the significant marketers, including Seplat Energy Limited, Conoil, Eterna, Total Energies Marketing Nigeria, and MRS Oil Nigeria, generated about N384.2 billion in revenue in Q1 of 2023, showing a 41% increase from N273.06 billion reported in the first quarter of the previous year.
According to ThisDay, Seplat Energy produced 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.
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. Others are:
Conoil: N34.97 billion
MRS Oil Nigeria: N30.79 billion
Eterna: N31.18 billion,
The oil firms profited wholesomely from a continuous spike in prices of Premium Motor Spirits “PMS” generally known as fuel, among others, in the period still under examination in the midst of a lot of requests from local and international markets.