Dangote Refinery might likely stop loading petroleum products for Nigerian market as the renegotiation of the naira-for-crude deal is not recording significant progress.
According to TheCable, sources said the refinery will continue to load for export as it currently sources all its crude stock from the international market in dollars.
The refinery sells to Nigerian marketers in naira because it buys crude in the local currency through the deal with the Nigerian National Petroleum Company (NNPC) Ltd.
On October 1, 2024, the government commenced the sale of crude oil in naira to local refineries to improve supply, save the country millions of dollars in petroleum product imports, and ultimately reduce the pump prices of refined products.
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Earlier, in March, (NNPC) Limited denied unilaterally suspending the naira-for-crude oil swap deal with domestic refiners, including Dangote Refinery and other private operators.
The company in a statement issued by its Chief Corporate Communications Officer, Mr Olufemi Soneye clarified that the contract for the sale of crude oil in Naira was structured as a six-month agreement.
It also said the agreement was subject to availability, and expires at the end of March 2025.
