Connect with us

Hi, what are you looking for?


Government Should Consider Refining Of Aviation Fuel in Nigeria- Ohunayo

By Damilola Adeyemo

ABUJA – According to report The total revenue generated by two of the major oil marketing companies in the country from the sale of aviation fuel plunged by 57.99 per cent in 2020, compared with 2019.

THE PUNCH gathered that the oil marketing companies, Total Nigeria Plc and MRS Oil Nigeria Plc, saw their combined aviation fuel revenue for the period ended December 31 decline by N20.03bn to N14.51bn from N34.54bn in 2019.

Technocrat Media Newspaper
Advertise With Us, contact |07088548009

The financial statements of both companies listed on the Nigerian Stock Exchange showed that they suffered a significant decline in revenue partly as a result of the grounding of commercial flights for several months and low passenger traffic that adversely affected airlines.

Total Nigeria, a subsidiary of French oil major, Total, recorded a profit decline of N1.74bn in 2020 from a profit of N2.48bn in 2019.

Its revenue fell by 25.43 per cent to N52.45bn from N70.34bn.

MRS Oil Nigeria Plc made a loss of N1.79bn in 2020, compared to N1.70bn loss in 2019. The company saw its revenue drop to N41.35bn from N64.91bn in 2019.

In a statement, An aircraft engineer and Chief Executive of 7 Stars Global Hangar, Isaac Balami, said , “Aviation fuel takes 40 per cent of your revenue. When I used to work with Aero, the cost of aviation fuel was N800m every month.”

This news content remains the copyright of TECHNOCRAT MEDIA, to republish, please seek the consent of our News Editor via

1 Comment

1 Comment

  1. paper for writing

    February 17, 2021 at 9:02 am

    Hurrah! At last I got a web ite from where I
    know howw to tduly obtain valuable information regarding my study and knowledge.
    paper for writing
    paper for writing

Leave a Reply

Your email address will not be published. Required fields are marked *


Like Our Facebook Page

You May Also Like


Available data on Value Added Tax (VAT) for 34 African countries have indicated that Nigeria has the lowest VAT rate as of 2022.


The federal government has announced a new date for the commencement of the population and housing census.


The Central Bank of Nigeria (CBN) has issued fresh operational guidelines on open banking to deposit money banks, mobile money operators and payment service...


This video shows how a coalition of Civil Society Organisations (CSOs) pressured President Muhammadu Buhari to assent to the 2022 electoral bill which was...

Finance & Money Market

The Central Bank of Nigeria (CBN) has launched a cash swap programme in partnership with super agents and deposit money banks (DMBs) to beat...

Sticky Post

President Muhammadu Buhari on Tuesday signed the 2023 appropriation bill of N21.83 trillion into law.