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NNPCL Earns ₦336bn from Crude Sales to Dangote, Foreign Buyers

Our Reporters4 weeks ago4 weeks ago04 mins

The Nigerian National Petroleum Company Limited (NNPCL) generated ₦336.37 billion from crude oil sales in the first quarter of 2025, with Dangote Petroleum Refinery accounting for over 32 percent of the transactions. Internal documents submitted at the Federation Account Allocation Committee (FAAC) meetings and obtained by The PUNCH revealed that crude supplies to the refinery totaled ₦107.44 billion, with unit prices ranging from $74.87 to $80.34 per barrel. These transactions were settled in naira using exchange rates recommended by the African Export-Import Bank (Afreximbank), between ₦1,501.22/$ and ₦1,562.91/$. This naira-based crude supply arrangement is part of the Federal Government’s initiative to support local refining, conserve foreign exchange, and reduce fuel import dependency. Initially introduced in July 2024, the naira-for-crude policy directed NNPCL to sell crude oil to Dangote Refinery in naira for an initial six-month phase. While the refinery briefly suspended sales in naira in March 2025 due to currency mismatch concerns, the Federal Executive Council reaffirmed the agreement, emphasizing its importance as a sustainable long-term policy. Following the policy’s reinstatement, Dangote Refinery slashed its ex-depot petrol price to ₦835 per litre—its third reduction in six weeks—underscoring the benefits of local crude supply. During Q1 2025, the refinery received seven cargoes totaling 915,821 barrels from the Okwuibome field operated by Sterling Oil (SEEPCO), under a Production Sharing Contract. However, SEEPCO has faced scrutiny over alleged expatriate quota abuse and anti-labour practices, prompting investigations and sanctions from the Nigerian Content Development and Monitoring Board (NCDMB). Despite these controversies, SEEPCO’s operations continue to play a vital role in Nigeria’s oil sector. The NNPCL’s sales documents listed crude shipments to Dangote Refinery with transaction values ranging from ₦5.69 billion to ₦34.18 billion. These shipments contributed significantly to local supply while leveraging domestic exchange rates. The total value of the crude lifted by Dangote Refinery was $70.54 million, equivalent to ₦107.44 billion, all settled in naira. In addition to domestic sales, NNPCL also realized ₦228.94 billion from exporting 1.95 million barrels of crude oil to international refiners, sourced from Egina, Erha, and Forcados Blend fields. These export transactions, executed under Production Sharing Contracts with companies like Total, ExxonMobil, and Pan Ocean, were priced between $74.90 and $78.94 per barrel. The export exchange rates provided by the Central Bank of Nigeria were slightly lower than those used for Dangote’s domestic purchases, reflecting the volatility in the foreign exchange market and the challenge of balancing forex earnings with domestic energy priorities.

Dangote Refinery Cuts Petrol Price to N835 per Litre Amid Global Oil Drop

Our Reporters1 month ago1 month ago02 mins

In a major development for Nigeria’s downstream oil sector, the Dangote Petroleum Refinery has announced another reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol. The new gantry price is now pegged at N835 per litre, down from N865, representing a 3.5 per cent decrease. The latest adjustment comes on the heels of a steady decline in global crude oil prices, which have fallen from over $70 per barrel to $64 per barrel in recent weeks. This move follows a previous reduction by the refinery from N880 to N865 per litre, a change which oil marketers reportedly failed to reflect in retail prices at the pump. As Africa’s largest oil refinery with a capacity of 650,000 barrels per day, Dangote Refinery continues to shape Nigeria’s energy landscape, offering a potential solution to the country’s long-standing fuel supply and pricing challenges. The refinery’s consistent pricing adjustments in response to market trends aim to encourage competition and transparency in fuel distribution across the country.

Dangote denies petrol pump prize increase

Our Reporters4 months ago4 months ago05 mins

Dangote Petroleum Refinery has denied an upward adjustment in the prices of its Premium Motor Spirit (PMS) commonly known as petrol. The company stated this in a statement made available on Sunday. The statement reads; “We wish to clarify that the recent adjustment in our ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices. As crude remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product. “At Dangote Petroleum Refinery, we recognise the critical importance of affordable fuel for all Nigerians, and we remain committed to offering the best value with guaranteed quality to our customers. While we have made a 5% adjustment to our ex-depot price from N899.50 to N950 per litre, it is important to note that this increase is considerably lower than the 15% rise in global crude oil prices, which has seen Brent Crude rise from $70 to $82 in a matter of days, in addition to the premium for Nigerian crude (approximately $3 per barrel) in international markets. “Furthermore, Dangote Refinery has maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre. “All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide. We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT). “Dangote Refinery has absorbed approximately 50% of the cost increases in the international oil market. This is due to our unwavering commitment to quality and affordability, as well as the ownership of the refinery by Nigerians, which remain central to our mission. If Dangote Refinery were to pass on the entire increase in the price of crude oil to the market, the retail price of PMS would be approximately N1,150 to N1,200 per litre in some locations, compared to the current price of N970 per litre. “We are committed to providing reliable, top-quality petrol to the Nigerian people at competitive prices. In these challenging times, we continue to prioritise the best interests of Nigerians, striving to shield consumers from the full impact of global price volatility while adapting to evolving market conditions. “We sincerely appreciate the continued trust and support of Nigerians as we strive to deliver the best value for their money and contribute to the development of a self-sufficient economy that is resilient to international price fluctuations. “In the interest of transparency and good governance, Dangote Refinery will commence publishing its ex-depot price, ex-vessel price as well as pump price on a weekly basis so that consumers are not exploited. “We would like to express our gratitude to President Bola Ahmed Tinubu for the introduction of the visionary Naira for Crude Initiative. This groundbreaking initiative has enabled consistent access to high-quality PMS for all Nigerians, while also insulating the Nigerian consumers from the volatility of the global oil market.”

Dangote donates ambulance to Apapa General Hospital

Our Reporters6 months ago6 months ago03 mins

As part of efforts to enhance performances in its core area of healthcare delivery, the Apapa General Hospital has received a brand new ambulance and consumables donated by the Aliko Dangote Foundation. Receiving the donated items, the Medical Director/CEO of the Hospital, Dr. Lateefat Agbaje, stated that the management team reached out to the Dangote Foundation for assistance, and she is happy that the organisation supported them with the donated items. Dr. Agbaje listed other consumables donated by the Foundation as 9500 disposable nylon aprons, 450 booties, 13570 face masks, 670 face shields, 45000 hand gloves, 3743 eyeglasses, 28000 Nurse caps, 37 thermometers, 26,500 PPE corvettes, 3592 theatre booths, and one ultrasound scanner. The hospital team, she said, is working assiduously to improve the facility through various initiatives embarked upon, including ensuring that the clinics are relocated from the hospital upstairs to downstairs for easy accessibility of patients and residents of Apapa. According to her, “Apapa General Hospital is willing to collaborate with the Foundation in the area of pediatric and children’s healthcare services. For instance, during the last anniversary celebration, there was a medical outreach for children in the area”. The Medical Director, therefore, thanked the foundation for its generosity, promising to use them judiciously for an enhanced healthcare delivery to the residents. In his remarks, the Director, Health & Nutrition, Aliko Dangote Foundation, Dr. Francis Aminu said the purpose for the donation of the ambulance and medical consumables is for health and wellbeing of Apapa residents. “To achieve a healthy living, there’s a need to support the hospital to deliver quality health services to residents, especially for children. If the children are healthy, residents would be able to make more economic gain for the family”, Aminu said. He noted that the primary healthcare service is very important to residents, stressing that nobody will want to visit the General Hospital if the primary healthcare is well equipped. The General Hospitals are meant to handle the secondary aspect of health care services. The Foundation, he said, has supported the Federal Government and many States of the federation in the areas of infrastructure, health and education.

Dangote refinery to IPMAN: NNPC must authorise sale of petrol to marketers

Our Reporters7 months ago7 months ago03 mins

The Dangote Petroleum Refinery clarified on Thursday that it has not received any payments from the Independent Petroleum Marketers Association of Nigeria (IPMAN) for the purchase of refined petroleum products.

Dangote now 65th richest person worldwide with $28bn

Our Reporters7 months ago4 days ago02 mins

Nigerian business mogul, Aliko Dangote, remains the richest man in Africa. Dangote is also ranked the 65th richest man in the world. Bloomberg, in its latest Top 500 Billionaires Index released on Thursday, revealed that Dangote with a wealth of $28 billion had his wealth increased significantly after the commencement of operations of his newly built Petrochemical refinery, said to be worth over $20 billion. This new ranking is the highest the renowned entrepreneur has risen. He was previously ranked 83rd in 2022. No African is close to Dangote’s latest ranking as Johann Rupert, of South Africa is 174 on the world list, with a wealth of $13.6bn and Nicky Oppenheimer also of South Africa is number 224 on the world list with a wealth of $11.6bn. Other Africans on the list are: South Africa’s Natie Karsh, number 297 in the world with a wealth of $9.25bn, Egypt’s Nassef Sawiris on number 302 in the world with a wealth of $9.16bn, and Naguib Sawiris also of Egypt with a wealth of $7.37bn on number 407 in the world. Elon Musk and Jeff Bezos are the richest in the world with $242 billion and $210 billion respectively in their kitties while Mark Zuckerberg and Larry Ellison followed respectively with $204 billion and $185 billion on the world’s billionaires’ chart.

NNPC, Dangote biker over Petrol pump price

Our Reporters8 months ago8 months ago04 mins

The Nigerian National Petroleum Commission (NNPC) and Dangote Refinery are at loggerheads over the price of Premium Motor Spirit otherwise known as petrol. Both parties have issued conflicting press statements on the matter in the recent time. The NNPC Ltd, in a statement by signed its Chief Corporate Communications Officer, Olufemi Soneye on Monday, the Company has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail stations across the country. The NNPC Ltd also wished to state that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by Government, but negotiated directly between parties on an arms length. The NNPC Ltd confirmed that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024. The NNPC Ltd assured that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public. Dangote Refinery however denied selling the product to the Nigerian National Petroleum Corporation (NNPC) at N898. The Group refuted the claims in a statement on Sunday. The statement read; “Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye, that we sell our PMS at N898 per litre to the NNPCL. “This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedeviled the economy in the past 50 years. “We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu GCFR, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars. “It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing. With this action, there will be petrol in every local government area of the country regardless of their remote nature. “We assure Nigerians of availability of quality petroleum product and putting an end to the endemic fuel scarcity in the country.”

Dangote Refinery denies selling PMS at N898

Our Reporters8 months ago8 months ago02 mins

Dangote Refinery has denied selling Premium Motor Spirit (PMS) otherwise known as petrol to the Nigerian National Petroleum Corporation (NNPC) at N898. The Group refuted the claims in a statement on Sunday. The statement reads; “Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye, that we sell our PMS at N898 per litre to the NNPCL. “This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedeviled the economy in the past 50 years. “We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu GCFR, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars. “It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing. With this action, there will be petrol in every local government area of the country regardless of their remote nature. “We assure Nigerians of availability of quality petroleum product and putting an end to the endemic fuel scarcity in the country.”