NNPC Boosts Dangote Refinery Supplies, Extending Crude Deal for Two Years
NNPC Limited has stepped up its support for Dangote Petroleum Refinery, signing a new crude deal and increasing supplies. The Federal Government's Naira-to-Kerosin initiative is showing results, with local refineries like Dangote benefiting.
NNPC will boost supplies to Dangote Refinery, providing five cargoes each in September and October. This follows the success of the Naira-for-Crude initiative, which aims to stabilize domestic pump prices by supplying local refineries with crude oil in the local currency.
Since October 2024, NNPC has supplied a total of 82 million barrels to Dangote Refinery, with 60% of these supplies being naira-denominated loads. The new crude deal signed with Dangote Petroleum Refinery extends these supplies for another two years. Nigeria agreed to sell 445,000 barrels a day of crude to Dangote Refinery in naira as part of this initiative. Dangote Refinery has since resumed the sale of Premium Motor Spirit (PMS) in Naira nationwide.
NNPC's increased crude supplies and the Naira-for-Crude initiative are supporting Dangote Refinery's operations and helping to stabilize domestic fuel prices. The extension of the crude deal for another two years ensures continued support for the refinery and the initiative.
