The Nigerian National Petroleum Company Limited (NNPC) has revealed that the Dangote Petroleum Refinery accounted for more than ₦11 billion worth of crude oil purchases in July, representing 32.3 percent of the company’s total crude sales for the month.
According to an internal NNPC document presented at the Federation Account Allocation Committee (FAAC) meeting in August and obtained by Punch, the oil firm sold a total of 340,000 barrels of crude in July, generating $22.51 million (₦34.64 billion at prevailing exchange rates).
The report detailed that NNPC Trading lifted 220,000 barrels of Antan blend crude on the vessel Ottoman Courtesy, priced at $63.73 per barrel, bringing in $14.02 million (₦21.49 billion at ₦1,532.55/$).
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Another 20,000 barrels from the same field fetched $1.27 million (₦1.95 billion). In addition, 100,000 barrels of Okwuibome crude from SEEPCO, sold on the vessel Sonangol Kalandula, were priced at $72.09 per barrel, generating $7.21 million (₦11.20 billion at ₦1,553.27/$).
The document confirmed that the ₦11.20 billion Okwuibome cargo was supplied to Dangote Refinery, marking the first documented crude allocation to the facility since the renewal of the government’s naira-for-crude agreement in April 2025.
Earlier, NNPC earned ₦336.37 billion from crude sales in Q1 2025, with Dangote Refinery taking about a third of those volumes.
Between January and July, the refinery received a total of ₦118.64 billion worth of crude through the naira-denominated supply arrangement, with per-barrel prices ranging between $74.87 and $80.34, and exchange rates fluctuating from ₦1,501/$ to ₦1,562/$.
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The transactions were executed under Afreximbank’s advised exchange rates, which underpin the Federal Executive Council’s directive requiring NNPC to sell crude to local refiners in naira.
The policy, introduced in 2024, aims to conserve foreign exchange, reduce reliance on petroleum imports, and stabilise local pump prices.
Although Dangote Refinery temporarily suspended product sales in naira earlier in 2025, citing currency mismatch risks, the Federal Government has since reaffirmed the policy as a “key directive for sustainable local refining”, not just a stopgap measure .
Imgae Credit: Business Insider Africa
