The Nigerian National Petroleum Company Limited (NNPCL) has announced that it has already supplied 30 million barrels of crude oil to the Dangote refinery amid ongoing severe fuel shortages in Nigeria.
The NNPCL also revealed plans to provide the Dangote refinery with an additional 17.6 million barrels of crude oil between September and October 2024. This includes 6.3 million barrels scheduled for delivery this month in seven cargoes, and 11.3 million barrels planned for next month in 13 cargoes.
NNPCL’s vice president explained that these supplies are part of the Federal Government’s strategy to support local refineries by selling crude oil domestically. He stated, “We will be providing 6.3 million barrels of crude oil to Dangote refinery in seven cargoes this month, and 11.3 million barrels in 13 cargoes next month. We are committed to doing everything possible to alleviate the current situation.”
Previously, despite being Africa’s largest oil producer, the Dangote refinery had been importing crude oil. However, last month, the Federal Executive Council approved the sale of crude oil to the Dangote refinery and other local refineries in Naira to address foreign exchange liquidity issues.
Nigeria is currently experiencing one of the most severe fuel shortages in its history, which is impacting essential services such as transportation, food prices, and even barbering, as increased fuel costs are being passed on to consumers.