Oil and Gas
Nigeria allocates more crude cargoes to Dangote refinery for May, sources say
Nigerian National Petroleum Company (NNPC) is allocating seven crude cargoes for May loading to Nigeria’s Dangote refinery, up from the five it received in previous months, two trade sources told Reuters.
Fuel prices in Nigeria have reached record highs and Dangote has previously said the company could source only about five crude cargoes a month locally, far short of the 13–15 it requires, forcing it to import the rest at prices dictated by the impact of war in the Middle East.
An increase in crude allocations to the 650,000 barrel per day refinery, Africa’s largest, could also curb volumes of Nigerian crude available for export at a time when the Iran war has drastically cut supply from the Middle East, forcing buyers to hunt far and wide for available cargoes.
NNPC and the refinery did not respond immediately to requests for comment. Dangote has raised gasoline supplies to Nigeria’s domestic market this month, meeting the needs of a little more than two thirds of Nigeria’s daily requirements of 60 million litres.
It has also had to increase petrol depot prices by about 13%.
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