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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.

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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.”

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