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Dangote Refinery to Buy Nigerian Crude in Naira for Oct. 1

REFINING

Nigeria will begin selling crude oil to the Dangote refinery in naira from October 1 according to the finance ministry.

  • Dangote has struggled to obtain enough local crude, forcing it towards global markets, mainly the U.S. and Latin America.
  • The refinery said it was being forced to obtain domestic crude via middlemen which was resulting in significantly higher prices.
  • The government gave state oil firm NNPC approval last month to start selling crude to the refinery in the local currency.
  • Dangote has raised their domestic crude requirements to 597,700 bpd in the second half of 2024, up from 483,000 bpd in the first half, according to the regulator.
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