The Federal Government, through the Nigerian National Petroleum Company Limited, has begun moves to secure crude oil supply for the Dangote Petroleum Refinery through third-party international traders, in a bid to sustain domestic refining operations.
Officials, however, warned that the intervention may not immediately translate into lower petrol prices for consumers. Nigerians currently grapple with high fuel prices, following the recent hikes in the cost of the commodities by the $20bn Lekki-based refinery.
Oil dealers and industry players confirmed to one of our correspondents that the refinery temporarily suspended the loading of Premium Motor Spirit (petrol), a development that heightened speculation that another fuel price increase could be imminent.
Multiple industry sources and officials from both NNPC and Dangote refinery confirmed that the national oil company is leveraging its global crude trading network to source third-party supply for the Dangote refinery at competitive international market rates.
