The Nigerian National Petroleum Company Limited (NNPC) has denied allegations that it withheld crude oil allocated under the Federal Government’s naira-for-crude initiative, insisting it supplied all available cargoes to the Dangote Petroleum Refinery.
The clarification comes after the refinery cited inadequate crude supply as the reason for suspending naira-denominated fuel sales and adopting dollar pricing for petroleum products.
NNPC spokesperson Andy Odeh said the company had fulfilled all its obligations under the naira-for-crude arrangement, noting that every available crude cargo allocated to the programme in 2026 had been supplied to the refinery.
He explained that the actual volumes received by the refinery depend on factors such as crude availability, cargo nomination schedules and the refinery’s operational planning. Odeh added that NNPC, which owns a 7.25 per cent equity stake in the refinery, remains committed to supporting its full operations and is working with Dangote to resolve any outstanding issues.
However, a senior official of the Dangote Group maintained that the refinery has been receiving only about four million barrels of crude per month under the arrangement, far below the estimated 13 million barrels initially expected. According to the official, the shortfall has made it difficult to sustain fuel sales in naira, prompting the company to expand exports of refined petroleum products to earn foreign exchange.
The official said crude received under the naira-for-crude arrangement would still be processed, with equivalent refined products supplied in naira to the Nigerian market through NNPC.
The development follows the refinery’s recent introduction of dollar-based pricing for petrol, diesel and aviation fuel, a move that has drawn mixed reactions from industry stakeholders.
Meanwhile, petrol supply challenges persisted in Abuja on Monday, with some filling stations temporarily shutting down while others sold petrol for between ₦1,250 and ₦1,280 per litre. The supply disruption comes as marketers continue to scramble for products following the suspension of fuel loading at the Dangote refinery.
Reacting to the development, petroleum economist Professor Wumi Iledare said pricing petroleum products in dollars reflects the realities of the global oil market and does not automatically mean higher fuel prices. He noted that pump prices will continue to depend on international crude oil prices, the naira-dollar exchange rate, logistics costs and competition in the downstream sector.
He added that while the Dangote refinery has improved Nigeria’s energy security by reducing dependence on imported fuel, domestic refining alone cannot completely shield the country from global price movements.
