The Nigeria National Petroleum Company Ltd (NNPCL) has announced plans to supply a substantial amount of crude oil to the Dangote Refinery over the next two months.
According to Mr. Adedapo Segun, Executive Vice President of the NNPCL, the company is set to deliver a total of 17.6 million barrels of crude oil between September and October 2024.
Segun made this disclosure during an interview on Arise TV, emphasizing the government’s commitment to ensuring a steady crude supply to refineries in a bid to alleviate the ongoing fuel scarcity in the country.
In his statement, Segun explained that the NNPCL, in collaboration with the federal government, is working diligently to address the current fuel shortage, which has led to long queues at petrol stations.
He noted that one of the key strategies involves strengthening partnerships with private refineries, particularly the Dangote Refinery, to ensure an uninterrupted supply of crude oil for refining purposes.
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“We have already supplied over 30 million barrels of crude oil to the Dangote Refinery. This month alone, we are delivering 6.3 million barrels through seven cargo shipments, and in October, we plan to supply an additional 11.3 million barrels in 13 cargoes,” Segun stated. “Our aim is to do everything within our power to bring an end to this situation as quickly as possible,” he added.
Segun further elaborated on the complexities surrounding the fuel scarcity issue, noting that while temporary relief may be experienced from time to time, achieving a permanent solution would require the establishment of ideal market conditions and improved access to foreign exchange.
He explained that multiple factors contribute to the recurring fuel shortages, and addressing these challenges would require a multifaceted approach.
In addition, Segun mentioned that despite the establishment of the Dangote Refinery within Nigeria, which has raised hopes for self-sufficiency in fuel production, there are still hurdles to overcome.
However, the NNPCL is playing a critical role in mitigating the situation by facilitating the supply of crude oil in Naira to help ease the burden of foreign exchange requirements.
The ongoing collaboration between the NNPCL, the federal government, and private refineries like Dangote is seen as a key step toward resolving the fuel crisis and ensuring a more stable and reliable supply of petrol across the nation.