 has insisted it supplied all crude oil cargoes allocated under the naira-for-crude.){kind=link}
NNPC Denies Sabotaging Naira-for-Crude Deal
The Nigerian National Petroleum Company Limited (NNPC) has insisted it supplied all crude oil cargoes allocated under the naira-for-crude initiative to the Dangote Petroleum Refinery, denying claims of withholding.
NNPC spokesman Andy Odeh said, “NNPC Limited has allocated 100 per cent of all available naira crude cargoes to DPRP in 2026 — there has been no withholding on our part.”
He added that supply volumes depend on crude availability, nomination timelines, and the refinery’s operational scheduling.
However, a senior Dangote Group official told The PUNCH that the refinery receives only four million barrels monthly, far below the 13 million barrels envisaged under President Tinubu’s 2024 directive.
The official explained that the shortfall forced the refinery to switch from naira-denominated fuel sales to dollar pricing, while increasing exports to earn foreign exchange.
“Since traders have brought lots of imported products to the market, we are focusing on exports,” the source said.
Last week, Dangote announced a new dollar pricing template, fixing petrol at $0.779/litre, diesel at $1.087/litre, and aviation fuel at $0.942/litre.
Marketers warned this could raise pump prices, though regulators said it aligns with the Petroleum Industry Act.
Petrol supply in Abuja worsened Monday, with some NNPC and MRS stations closed and others selling at ₦1,250–₦1,280 per litre, sparking concerns among motorists.
Energy economist Professor Wumi Iledare said dollar pricing should be seen as a commercial response to global realities.
“Domestic fuel prices become more closely linked to international crude oil prices and the naira-dollar exchange rate,” he explained, noting that domestic refining improves energy security but cannot fully shield Nigeria from global price shocks.
Iledare stressed that the real issue is building an efficient downstream market, not the currency of pricing. “The refinery can shield Nigeria more effectively from supply shocks than from price shocks,” he said.