NNPCL Delivers 48.6 Million Barrels of Crude to Dangote Refinery Amid 12% Drop in Petrol Imports
The Nigerian National Petroleum Company Limited (NNPCL) has supplied 48.6 million barrels of crude oil to Dangote Petroleum Refinery over the past 10 months, according to Vanguard investigations ¹. This development comes as petrol imports fell by 12.6% to 20.29 billion liters in 2023, down from 23.24 billion liters in 2022.
*Breakdown of Crude Oil Deliveries*
– December 2023: 3.4 million barrels
– February 2024: 3.5 million barrels
– March 2024: 3.3 million barrels
– April 2024: 3.3 million barrels
– May 2024: 3 million barrels
– June 2024: 5.1 million barrels
– July 2024: 5.1 million barrels
– August 2024: 4.8 million barrels
– September 2024: 5.6 million barrels
– October 2024 (so far): 11.7 million barrels
However, sources close to Dangote Refinery note that the volume supplied remains low compared to the refinery’s installed capacity of 650,000 barrels per day ¹.
*Petrol Imports Decline*
The National Bureau of Statistics (NBS) reports that Premium Motor Spirit (PMS) imports decreased by 13.77% to 20.30 billion liters in 2023, while Automotive Gas Oil (AGO) imports rose by 23.66% to 4.94 billion liters ¹. Local production of AGO increased by 6.76% to 109.39 million liters, and Household Kerosene (HHK) production grew by 56% to 69.7 million liters.
Adedapo Segun, Executive Vice President of NNPCL Downstream, emphasized the need for market forces to determine fuel prices, stating, “The pump price today is not reflective of the market… We should be moving towards a situation where the free market determines prices” ².