The Nigerian National Petroleum Company Limited (NNPCL) has provided 30 million barrels of crude oil to the Dangote refinery so far. Adedapo Segun, NNPCL’s Executive Vice President of Downstream, shared this news during an interview on Arise Television. He mentioned that the company plans to supply an additional 17 million barrels to the refinery in the coming months.
According to Segun, NNPCL will deliver 6.3 million barrels of crude oil in September and another 11.3 million barrels in October. This initiative is part of the government’s strategy to provide local refineries with crude oil.
“The 6.3 million barrels for September will be delivered in seven shipments,” Segun explained.
He also noted that the current pump price for fuel does not match market conditions. NNPCL remains the only company importing Premium Motor Spirit (PMS) into Nigeria, which Segun said is an unusual situation. He emphasized that NNPCL’s role as the sole importer was not intentional but a reaction to the reduced involvement of other companies.
Segun clarified that NNPCL is not trying to be a monopolist in the fuel market. The company stepped in to ensure fuel availability when other importers pulled back due to unfavorable conditions.
Achieving stable fuel prices, according to Segun, depends on a more balanced foreign exchange market and better overall market conditions. He hinted that broader economic reforms may be necessary to address fuel pricing challenges.
