NNPCL supplied Dangote refinery with 30 million barrels of crude oil — Official – Punch Newspapers

The Nigerian National Petroleum Company Limited has announced that it has supplied 30 million barrels of crude oil to the Dangote refinery and plans to supply another 17 million barrels soon.

NNPCL Downstream Executive Vice President Adedapo Segun made this disclosure while speaking on Arise Television on Thursday.

According to Segun, the company will supply 6.3 million barrels in September and another 11.3 million barrels in October.

“We have supplied about 30 million barrels to Dangote so far, 6.3 million this month and we will supply 11.3 million in October,” Segun said.

He added that this is part of the federal government’s decision to sell crude oil to local refiners.

Segun stressed that the 6.3 million barrels will be delivered in seven cargoes.

He expressed concern that the current pump price does not reflect market realities.

“The pump price today does not reflect the market. NNPCL is the only importer of Premium Motor Spirit (PMS) in the country, which is abnormal. We should move towards a situation where the free market determines the prices,” he said, stressing that market forces should drive fuel prices rather than a single entity.

He clarified that NNPC’s role as the sole importer of petrol was not a deliberate decision, but rather a response to market conditions.

“Let me put this in perspective. NNPC is not a regulator. We did not choose to be the sole importer. We do not determine who participates in the market. We intervened when others reduced their participation. This is not about wanting to be a monopolist,” Segun said.

He further explained that achieving stable fuel supply and price would require ideal market conditions, including a more liquid foreign exchange market.

“Market conditions need to be ideal and there needs to be liquidity in the currency market,” he added, suggesting that broader economic reforms may be needed to address the fuel price problem.

The NNPC has worked closely with private refiners, such as Dangote, to ensure a steady supply of crude oil for processing.