In a groundbreaking announcement, the Nigerian National Petroleum Company Limited (NNPCL) has revealed it has delivered a staggering 30 million barrels of crude oil to the Dangote refinery. Speaking on Arise Television, Adedapo Segun, Executive Vice President of NNPCL Downstream, disclosed that a further 17 million barrels are set to follow, with 6.3 million barrels arriving in September and 11.3 million in October.
“This monumental supply is a game-changer for the local refinery sector,” Segun declared. He emphasized that this move aligns with the Federal Government’s strategy to bolster local refineries with crude oil, aiming to transform Nigeria’s fuel market dynamics.
Segun also highlighted the current anomalies in fuel pricing, stressing that the NNPCL’s role as the sole importer of Premium Motor Spirit (PMS) is a temporary measure due to market conditions. He hinted that true market-driven pricing could soon be a reality if ideal market conditions, including a more fluid foreign exchange market, are established.
“We’re not monopolists by choice, but we’re stepping up where others have stepped back,” Segun added, underscoring the need for broader economic reforms to stabilize fuel pricing.
