NNPCL Provides Dangote Refinery With 30 Million Barrels of Crude Oil

The Nigerian National Petroleum Company Limited, NNPCL, said it has supplied 30 million barrels of crude oil to the Dangote refinery so far, promising to supply additional 17.6 million barrels of crude oil between September and October.

The Executive Vice President of NNPCL Downstream, Adedapo Segun, disclosed this on Thursday morning in an interview on Arise television. 

He stated that 6.3 million will be supplied to Dangote Refinery this month, and 11.3 million next month, adding that the supplies to Dangote are part of the Federal Government’s strategy to sell crude oil to local refineries.

“We will be providing 6.3 million barrels of crude oil to Dangote refinery in seven cargoes.

“And in October, we will be providing another 11.3 million barrels of crude oil to Dangote refinery in 13 cargoes.

“So we are doing everything we can to make sure this situation abates as soon as possible,” he stated. 

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He explained that the NNPCL’s role as the sole importer of petrol was not intentional, but rather a response to market conditions.

“Let me put it into proper perspective.NNPC is not a regulator. We didn’t choose to be the sole importer. We don’t determine who participates in the market. We stepped in when others reduced their participation. It is not about us wanting to be monopolists,” Segun stated.

To him, achieving a stable fuel supply and price requires ideal market conditions, including a more liquid foreign exchange market.

“Market conditions need to be ideal, and there needs to be FX liquidity,” he added, suggesting that broader economic reforms may be needed to address the fuel pricing issue”.