NNPC Speaks Ona Ending Naira-for-Crude Deal with Dangote The Nigerian National Petroleum Company (NNPC) Limited reveals negotiation is ongoing for a new naira-for-crude deal with Dangote Petroleum Refinery.
NNPC declared in a statement on Monday after The Round Table reported earlier that the government-owned oil company had reportedly suspended the naira-for-crude deal until 2030, as it has forward-sold all its crude oil.
The discontinuation will substance refiners to rely on international suppliers for crude oil, gulping enormous costs in dollars and triggering an uptick in the pump price of petrol.
However, Olufemi Soneye, the chief corporate communications officer of NNPC, disclosed the current deal will expire at the end of March.
“NNPC Limited has noted recent declares circulating on social media regarding the alleged unilateral termination of the crude oil sales uniformness in Naira between NNPC and Dangote Refinery,” Soneye reported.
“To expound, the contract for the sale of crude oil in Naira was structured as a six-month constancy, subject to availability, and expires at the end of March 2025. Discussions are currently ongoing towards emplacing a new contract.”
Under the current arrangement, Soneye stated NNPC has made over 48 million barrels of crude oil available to Dangote refinery since October 2024.
“In embody, NNPC has made over 84 million barrels of crude oil available to the Refinery since its beginning of operations in 2023,” he stated.
“NNPC Limited continues committed to supplying crude oil for local refining based on mutually concurred terms and conditions.”
This also trended:
The sale of crude oil and refined petroleum products in naira to local refineries commenced on October 1, 2024, to reform supply, save the country millions of dollars in petroleum products imports, and ultimately reduce pump prices.
With this NNPC Limited reaffirmed hope that other local refineries will tap from the opportunity availed to the Dangote Refinery, accessing the country's crude oils through Naira transaction window.
Regards to All Local News Sources and International News Organisations.
Category: World-News
Tag: NNPC Speaks Ona Ending NairaforCrude Deal with Dangote
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Published 3/11/2025