The Nigerian National Petroleum Company Limited (NNPCL) has responded to recent social media reports about the alleged unilateral termination of its crude oil sales agreement in Naira with Dangote Refinery.
In a statement issued on Monday, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, clarified that the crude oil sale agreement in Naira was designed as a six-month contract, contingent on availability, and is set to expire at the end of March 2025.
He further explained that discussions are ongoing to establish a new agreement.
Soneye highlighted that since October 2024, NNPCL has supplied over 48 million barrels of crude oil to Dangote Refinery under this arrangement.
In total, over 84 million barrels of crude oil have been provided to the refinery since it began operations in 2023.
He reaffirmed that NNPCL is committed to continuing the supply of crude oil for local refining, based on mutually agreed terms and conditions.
The Federal Executive Council (FEC) had directed in July 2024 that NNPCL sell crude oil to Dangote Refinery and other local refineries in Naira, rather than in U.S. dollars.
This policy aims to ease the pressure on the country’s foreign reserves and help stabilize the prices of petrol, diesel, and other products in Nigeria.
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