The Nigerian National Petroleum Company Limited (NNPCL) has announced the end of its fuel importation era, opting instead to purchase refined petroleum products from local refineries, including the Dangote Petroleum Refinery.
Speaking at the Nigerian Association of Petroleum Explorationists conference in Lagos, Kyari stated:
“Today, NNPC does not import any product; we are taking only from domestic refineries… We saw an opportunity to log supply to the domestic refinery, not just Dangote but any other refinery that operates in the country.”
Kyari highlighted the benefits of domestic refining, citing the global shift towards cleaner energy and the potential for Nigerian crude to command premium prices.
“Nigerian crude is ‘Lamborghini crude’; it’s very high-quality crude… Some global dealers purchase oil and combine it with dirtier fuel to save money.”
NNPCL’s decision comes on the heels of the Independent Petroleum Marketers Association of Nigeria (IPMAN) securing an agreement with Dangote Group to lift refined petroleum products directly from the refinery.
