The Nigerian National Petroleum Company Limited (NNPCL) has responded to reports regarding the alleged unilateral termination of a crude oil sales agreement in Naira with Dangote Refinery, insisting that it was still open to continue the arrangement on mutually beneficial terms.

In a statement on Monday, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, clarified that the contract was a six-month agreement subject to availability and set to expire at the end of March 2025. He added that discussions were ongoing to establish a new contract.

According to Soneye, NNPCL has supplied over 48 million barrels of crude oil to Dangote Refinery since October 2024 under the agreement. In total, more than 84 million barrels have been delivered to the refinery since its commencement in 2023.

He reaffirmed NNPCL’s commitment to supplying crude oil for local refining based on mutually agreed terms.

In July 2024, the Federal Executive Council (FEC) directed NNPCL to sell crude oil to Dangote Refinery and other local refineries in naira rather than US dollars. The policy aimed to reduce foreign exchange pressure and stabilise fuel prices in Nigeria.