The Nigerian National Petroleum Company Limited (NNPC) has addressed recent reports surrounding the alleged unilateral termination of its crude oil sales agreement in Naira with local refineries, particularly with Dangote Refinery.
Mr. Olufemi Soneye, the Chief Corporate Communications Officer of NNPC, issued a statement on Monday, clarifying that the reports of a contract termination are inaccurate.
Soneye explained that the agreement for the sale of crude oil in Naira was structured as a six-month arrangement, contingent on availability, and is set to expire at the end of March 2025. He also noted that ongoing discussions are in progress to establish a new contract after the current one ends.
Since October 2024, the NNPC has provided over 48 million barrels of crude oil to Dangote Refinery, bringing the total amount supplied to over 84 million barrels since the refinery began operations in 2023.
In his statement, Soneye emphasized that NNPC remains fully committed to supplying crude oil to local refineries under mutually agreed terms and conditions, reaffirming the company’s dedication to supporting domestic refining efforts.
This clarification comes after news reports carried that the termination of the agreement could lead to a rise in fuel prices, a claim that NNPC has now dispelled.
