NNPC Halts Crude Oil Supply to Local Refineries Until 2030—Here’s Why
The Nigerian National Petroleum Company (NNPC) Limited has discontinued its naira-for-crude arrangement with Dangote Petroleum Refinery and other local refineries, sparking concerns about a potential rise in fuel prices.
As a result, domestic refineries will now have to source crude oil from international suppliers and pay in dollars rather than naira. This shift is expected to increase production costs, which could ultimately lead to higher fuel prices at the pump.
According to sources, NNPC has already informed refineries that it has forward-sold all its crude oil because, Want the full gist? Tap here and read everything from start to finish!
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