Breaking News: The Nigerian National Petroleum Corporation Limited (NNPC) said it will supply 17.6 million barrels of crude oil to Dangote refinery within the months of September and October to curb fuel shortage in the country.
This was announced by the Executive Vice-President of NNPC Adedapo Segun. He said unbeknownst to many the NNPCL has been collaborating and partnering with the Dangote refinery to resolve fuel scarcity issue and enusre a unbroken supply of PMS, diesel and other petrochemicals.
In a statement made available to 9am News Nigeria, the Executive Vice President of NNPC said “We have provided over 30 million barrels of crude oil to Dangote refinery so far and this month alone we will be providing 6.3 million barrels of crude oil to Dangote refinery in seven cargoes and in October we will be providing another 11.3 million barrels of crude oil to Dangote refinery in 13 cargoes. So we are doing everything we can to make sure this situation abates as soon as possible.”
He explained that a myriad of issues were causing the recurring petrol shortages, chief of which is the current foreign exchange crisis.
He said the recent order by the Federal Government to sell crude oil to Dangote refinery in Naira is a helpful policy that will see to the end of the fuel shortage crisis.
The Dangote refinery which began operations this year found itself in murky waters when NNPCL and other international oil companies refused to sell crude oil to the refinery.
What We Know
Ogasabi of 9am News Nigeria recounts that in order to tackle the problem (refusal to sell crude to Dangote refinery in Naira) the Federal Government last month instructed the NNPCL to begin selling crude oil to the Dangote refinery and other refineries in Naira in other to ease the pressure of sourcing for forex. The Government also ordered oil producers to always allocate a specific amount of oil strictly for sales within the country to boost local supply.
Selling crude oil in Naira has the potential to ease the pressure of demand in the forex market and lead to a long-term stability of the Naira.
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