The Nigerian National Petroleum Company (NNPC) Limited has confirmed ongoing negotiations for a renewed naira-for-crude agreement with Dangote Petroleum Refinery.
This clarification comes amid concerns over a potential hike in petrol prices following reports that NNPC had halted its crude supply deal with Dangote and other local refineries.
In a statement signed by Chief Corporate Communications Officer Olufemi Soneye, NNPC explained that the initial agreement was structured as a six-month contract set to expire in March 2025.
Since October 2024, NNPC has supplied over 48 million barrels of crude to Dangote Refinery, totaling 84 million barrels since the refinery began operations in 2023.
NNPC reaffirmed its commitment to supplying crude for local refining, emphasizing that future agreements will be based on mutually agreed terms and conditions.
