NNPCL provided Dangote refinery with 30 million barrels of crude oil
The Nigerian National Petroleum Company Limited (NNPCL) has revealed that it has delivered 30 million barrels of crude oil to the Dangote refinery, with an additional 17 million barrels scheduled for supply in the near future.
Adedapo Segun, Executive Vice President of NNPCL Downstream, made the announcement on Thursday during an interview with Arise Television. Segun explained that the company plans to provide 6.3 million barrels in September and another 11.3 million barrels in October.
“We have already supplied approximately 30 million barrels to Dangote, including 6.3 million this month, and we anticipate delivering 11.3 million more in October,” Segun said.
He highlighted that this supply is part of the Federal Government’s strategy to support local refineries by selling crude oil domestically. The 6.3 million barrels scheduled for this month will be distributed in seven shipments.
Segun also expressed concern about the current fuel pump prices, which he believes do not reflect the true market conditions. He pointed out that NNPCL remains the sole importer of Premium Motor Spirit (PMS) in the country, a situation he described as abnormal. He advocated for a market-driven pricing system rather than one dominated by a single entity.
“It’s important to note that the current pump price is not aligned with market realities. NNPCL being the only importer of petrol is not ideal. We should aim for a situation where market forces determine prices,” Segun stated.
He clarified that NNPCL’s role as the sole importer was not a matter of choice but a response to reduced participation by other market players. “NNPC did not intend to become the sole importer. We do not regulate the market or select participants. We filled the gap left by others,” Segun explained.
He further noted that stabilizing fuel supply and pricing would require optimal market conditions, including improved foreign exchange liquidity. “For stability, we need a well-functioning market and better FX liquidity,” he added, suggesting that broader economic reforms might be necessary to address these issues.
NNPC continues to collaborate with private refineries like Dangote to ensure a consistent supply of crude oil for processing.
