The Nigerian National Petroleum Company Limited has announced that it has supplied 30 million barrels of crude oil to the Dangote oil refinery, with plans to provide an additional 17 million barrels soon.
The Executive Vice President of NNPCL Downstream, Adedapo Segun, disclosed this on Thursday while speaking on Arise Television.
According to Segun, the company will supply 6.3 million barrels in September and an additional 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 stated.
He added that this is part of the Federal Government’s decision to sell crude to local refineries.
Segun noted 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 is not reflective of the market. 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,” he said, stressing that market forces should drive fuel prices rather than any 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 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.
He further explained that achieving a 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 FX liquidity,” he added, suggesting that broader economic reforms may be needed to address the fuel pricing issue.
NNPC has been working closely with private refineries, such as Dangote, to ensure a steady supply of crude oil for processing. (PUNCH)
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