The Nigerian National Petroleum Company Limited (NNPC) reported petrol availability of 54 per cent across its retail stations nationwide in September 2026, despite recording N509 billion in profit after tax and N4.61 trillion in revenue during the month.
The figures were contained in the company’s September 2026 Monthly Operations and Financial Report, released on November 3.
According to the report, NNPC Retail recorded 54 per cent Premium Motor Spirit (PMS) availability across its outlets.
However, the company did not explain how the figure was calculated or provide a comparison with the preceding month.
The disclosure has raised questions about the effectiveness of NNPC’s petroleum distribution operations and whether its financial performance is translating into consistent product availability at retail stations.
NNPC Does Not Explain 54% Petrol Availability Figure
The reported 54 per cent availability does not necessarily mean that 46 per cent of NNPC filling stations were without petrol throughout September.
The report did not clarify whether the indicator represented the proportion of stations with petrol in stock, average product availability during the month or another internal operational measure.
It also provided no details about the number of stations assessed, the duration of supply interruptions or how availability varied across states.
These gaps make it difficult to establish the extent of the reported challenges or their direct impact on motorists.
Petrol availability at filling stations depends on several factors, including product procurement, distribution logistics, inventory management and retail operations. The report did not identify which of these factors contributed to the September figure.
NNPC Records N509bn Profit and N4.61trn Revenue
NNPC reported N509 billion in profit after tax from revenue of approximately N4.608 trillion in September.
The profit represented about 11.05 per cent of the company’s reported revenue.
However, the financial summary did not disclose how much of the revenue or profit came specifically from its retail business.
As a result, the company’s overall profitability cannot establish whether NNPC Retail operated profitably or whether its petroleum distribution activities improved during the period.
Oil and Gas Production Rises in September
Beyond its retail operations, NNPC reported that total hydrocarbon production increased to 3.04 million barrels of oil equivalent per day in September, compared with 3.01 million barrels per day in August.
Combined crude oil and condensate production reached approximately 1.70 million barrels per day, while natural gas production rose to 7,789 million standard cubic feet per day.
Crude oil and condensate sales also increased marginally by 0.29 per cent, from 24.56 million barrels in August to 24.63 million barrels in September.
NNPC attributed the production improvement largely to the restoration of output from Obodo Oil Mining Lease 150 and other producing assets.
The company, however, acknowledged persistent operational challenges, including equipment failures, flowline leaks, community protests, storage limitations and disruptions to export infrastructure.
The report did not establish a direct connection between these upstream challenges and the 54 per cent petrol availability recorded by NNPC Retail.
NNPC Reports N11.14trn in Statutory Payments
The company disclosed that cumulative statutory payments reached N11.14 trillion between January and September 2026.
On infrastructure development, NNPC said the River Niger crossing of the Obiafu-Obrikom-Oben gas pipeline had been commissioned and operationalised.
It also reported that the Ajaokuta-Kaduna-Kano gas pipeline had reached 95 per cent completion.
Petrol Availability Raises Questions About NNPC’s Operations
Despite its financial and production figures, the September retail availability indicator highlights an area of NNPC’s operations that requires greater transparency.
For motorists, a key measure of performance is whether petrol is consistently available at retail outlets, rather than the size of the company’s consolidated earnings.
Investors and other stakeholders may also want to know whether NNPC’s financial performance is accompanied by measurable improvements in operational efficiency, distribution reliability and customer service.
More detailed disclosures on retail station coverage, stock levels, supply interruptions and regional distribution would help provide a clearer picture of the company’s downstream performance.
NNPC stated that the production, sales and financial figures in its September report were provisional and subject to reconciliation with relevant stakeholders.
The 54 per cent PMS availability figure remains one of the report’s notable operational disclosures, particularly because the company did not provide sufficient supporting information to explain its calculation and implications.
