The Nigerian National Petroleum Company (NNPC) Limited has confirmed ongoing negotiations for a new naira-for-crude deal with Dangote Petroleum Refinery.
- NNPC is negotiating a new naira-for-crude deal with Dangote Petroleum Refinery.
- The initial agreement with Dangote Refinery was a six-month contract set to expire in March 2025.
- NNPC has supplied over 48 million barrels of crude oil to Dangote Refinery since October 2024.
The Nigerian National Petroleum Company (NNPC) Limited has confirmed ongoing negotiations for a new naira-for-crude deal with Dangote Petroleum Refinery.
This comes amid concerns that Nigerians may soon face another hike in petrol prices following reports that the Nigerian National Petroleum Company (NNPC) Limited has halted its naira-for-crude deal with Dangote and other local refineries.
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In a statement signed by Olufemi Soneye, NNPC’s Chief Corporate Communications Officer, the company clarified that the initial agreement was structured as a six-month contract, set to expire in March 2025.
Under the existing agreement, NNPC has supplied over 48 million barrels of crude oil to Dangote Refinery since October 2024, with 84 million barrels delivered since the refinery began operations in 2023.
The statement reads:
“NNPC Limited has noted recent reports circulating on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC and Dangote Refinery,”
“To clarify, the contract for the sale of crude oil in Naira was structured as a six-month agreement, subject to availability, and expires at the end of March 2025. Discussions are currently ongoing towards emplacing a new contract.”
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“In aggregate, NNPC has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023,”
NNPC Limited reaffirmed its commitment to providing crude oil for local refining, emphasizing that supply will be based on mutually agreed terms and conditions.
