On Thursday, the Nigerian National Petroleum Company (NNPC) Limited revealed that it has supplied 30 million barrels of crude oil to the Dangote Petroleum Refinery.
News About Nigeria reports that the disclosure was made by the company’s Executive Vice President, Downstream, Adedapo Segun, when he was featured on Arise Television on Thursday.
Recall that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had on Tuesday signed an agreement with NNPC Ltd. to sell crude oil to the refinery in Naira.
The NMDPRA had in a statement revealed that the deal is in line with the recent approval by the Federal Executive Council (FEC) to sell crude oil to Dangote Refinery and other indigenous refineries in Naira as well as buy petroleum products from the Dangote Refinery in Naira.
The NNPC, while revealing that they have already supplied 30 million barrels of crude oil to Dangote Refinery, noted that they will again supply 6.3 million barrels to the refinery in September and 11.3 million barrels in October.
The company’s Executive Vice President further disclosed that 6.3 million barrels will be delivered in seven cargoes.
He said, “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.”
While speaking on the recent hike in petrol prices, Segun said, “The pump price today is not reflective of the market. The NNPCL is the sole importer of Premium Motor Spirit (PMS) in the country, which is abnormal. We should be moving towards a situation where the free market determines prices.
“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. Market conditions need to be ideal, and there needs to be FX liquidity.”
