NNPCL: We’re negotiating new naira-for-crude deal with Dangote refinery

The Nigerian National Petroleum Company (NNPCL) says it is currently negotiating with Dangote Petroleum Refinery over a new naira-for-crude deal.

Reports had earlier emerged that the NNPCL terminated the naira-for-crude deal with the Dangote refinery.

Reacting to the reports via a statement on Monday, March 10, 2025, the NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, said the current deal will expire at the end of March.

Soneye disclosed that the national oil company is currently discussing a new contract with the Dangote refinery.

He stated: “NNPC Limited has noted recent reports circulating on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC Ltd. and Dangote Refinery.

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“To clarify, the contract for the sale of crude oil in Naira was structured as a six-month agreement, subject to availability, and expires at the end of March 2025. Discussions are currently ongoing towards emplacing a new contract.

“Under this arrangement, NNPC Ltd. has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024. In aggregate, NNPC Ltd. has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023.

“NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions.”

The sale of crude oil and refined petroleum products in naira to local refineries commenced on October 1, 2024, to improve supply, save the country millions of dollars in petroleum products imports, and ultimately reduce pump prices.

The Star