The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a 33 percent increase in profit to N7.2 trillion in 2025, despite a decline in revenue during the year.

The state-owned energy company generated N34.5 trillion in revenue, lower than the previous year, as sales of refined petroleum products, commonly known as white products, declined.

Despite the weaker revenue performance, NNPC’s profit growth points to improved earnings from its operations and stronger cost management during the period.

White products include refined petroleum products such as petrol, diesel and kerosene, which form a significant part of NNPC’s downstream business.

The company’s performance comes amid major changes in Nigeria’s petroleum sector, including increased domestic refining capacity following the ramp-up of the Dangote Petroleum Refinery and the return of other local refineries.

The shift towards domestic refining has reduced the volume of refined petroleum products Nigeria needs to import, affecting the trading volumes and revenue streams of companies involved in fuel imports.

NNPC remains a major player across Nigeria’s oil and gas value chain, with interests spanning exploration and production, refining, petroleum products supply and energy infrastructure.

The company’s latest financial results highlight the changing dynamics of Nigeria’s petroleum industry as domestic refining expands and the country gradually moves away from heavy reliance on imported refined products.