The Nigerian National Petroleum Company Limited earned N336.37bn from crude oil sales in Q1 2025, with Dangote Refinery accounting for N107.44bn (32%), internal NNPCL documents reveal.
Seven crude cargoes, totaling 915,821 barrels, were sold to Dangote under the naira-for-crude deal at exchange rates between N1,501.22/$ and N1,562.91/$. The policy aims to reduce FX demand and stabilize fuel prices.
NNPCL also sold 1.95 million barrels to foreign refiners, generating $151.44m (N228.93bn), mainly from Egina, Erha, and Forcados blends. The transactions highlight the firm’s balance between domestic supply and forex earnings.
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