The Nigeria National Petroleum Company Limited (NNPCL) has revealed that the Dangote Refinery will receive 17.8 million barrels of crude oil between September and November to boost local petroleum production.
Speaking on Arise Television’s ‘Morning Show’, Adedapo Segun, executive vice president, NNPC (downstream), noted that the NNPC is collaborating with private refineries, including the Dangote refinery, to guarantee a steady supply of crude oil for refining.
“So far, we’ve supplied around 30 million barrels to Dangote, including 6.3 million this month, and we’ll provide another 11.3 million in October,” Segun shared.
He also stressed the need for a fully competitive market to stabilise fuel prices and supply in Nigeria. He noted that the current pump price does not reflect actual market dynamics.
“The current pump price is not reflective of market conditions. NNPCL remains the sole importer of petrol, which is not a normal situation. We should be moving toward a free market where prices are dictated by competition,” Segun explained, adding that fuel prices should be driven by market forces rather than a single entity.
Segun clarified that NNPCL’s role as the only petrol importer wasn’t intentional but rather a result of market circumstances. He emphasised that the company did not seek to dominate the market but stepped in when other players scaled back.
“To clarify, NNPCL is not a regulator. We didn’t choose to be the sole importer. We don’t control who participates in the market. When others reduced their involvement, we stepped in. It’s not about wanting a monopoly,” he said.
He also highlighted the need for an improved foreign exchange market to ensure fuel price stability and availability, suggesting that economic reforms may be needed to address the broader fuel pricing issue.
“Perfect market conditions and greater FX liquidity are essential,” Segun added.
