NNPC swaps crude oil valued N1.64trn for refined petrol in eight months

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The latest official data released by the Nigerian National Petroleum Company Limited (NNPCL) revealed that the national oil company exchanged crude oil valued worth about N1.64 trillion for petrol under the direct sale direct purchase (DSDP) arrangement between January and August 2021.

The NNPC takes Nigeria’s crude oil cargoes to foreign refiners in exchange for refined products, as the country’s four refineries under its management are moribund.

The data also showed that 63.46 million barrels of crude oil changed hands in the deal during the period.

NNPC explained that in compliance with the Public Procurement Act 2007 and NNPC’s policy and procedures, it engaged qualified and credible companies in the swap deal to ensure sustained product supply across the country.

The report showed that the volumes of crude swapped for petrol in January, February and March 2021 were 5.74 million, 9.39 million and 7.55 million barrels respectively.

It further revealed that the average price/barrel of crude oil and the exchange rates in the eight different months varied.

The crude oil swapped under the DSDP scheme in January, February and March 2021 was valued  at N123.6 billion, N231.88 billion and N184.53 billion respectively.

In April, May and June, crude oil volumes of 6.34 million, 11.41 million and 8.48 million barrels valued at N166.35 billion, N300.21 billion and N239.26 billion respectively, were exchanged for petrol.

In the months of July and August, crude oil volumes of 8.56 million and 5.69 million barrels valued at N242.12 billion and N156.15 billion respectively were swapped by the NNPC for refined petrol.

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