The Nigerian National Petroleum Company (NNPC) Limited and Dangote Petroleum Refinery have reaffirmed their commitment to fostering collaborative partnerships and encouraging fair competition within the energy sector,TheCable reports.
In a statement released on Thursday, the NNPC disclosed that the pledge was made during a visit by Aliko Dangote, President of the Dangote Group, to Bayo Ojulari, the Group Chief Executive Officer (GCEO) of NNPC, at the company’s headquarters in Abuja.
According to the statement, both leaders expressed a shared commitment to strengthening cooperation to enhance Nigeria’s energy security and advance the country’s economic prosperity.
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Dangote emphasized the spirit of collaboration, stating that his company does not view NNPC as a competitor. “NNPC is integral to our operations, and we are likewise an essential partner to NNPC. This is a new era of cooperation,” he said.
He also congratulated Ojulari and his executive team on their appointments, acknowledging the significant responsibility they bear and expressing confidence in their ability to meet the challenges ahead.
In response, Ojulari assured Dangote of a mutually beneficial partnership grounded in fairness and strategic collaboration. He praised the talent within NNPC, describing its workforce as skilled, dedicated, and committed to delivering value to Nigeria.
Ojulari reiterated the company’s focus on innovation and shared national interests, emphasizing that NNPC will continue working closely with the Dangote Group where such collaboration aligns with the country’s commercial goals.
This renewed spirit of cooperation comes amid past tensions between the two entities over crude oil supply and petroleum pricing. On October 1, 2024, Nigeria began selling crude oil and refined products in naira to domestic refineries—a move aimed at improving local supply, cutting import costs, and reducing fuel prices.
However, by March 10, TheCable reported that NNPC had paused the naira-for-crude arrangement until 2030, citing prior forward sales of crude. Shortly after, Dangote Refinery also temporarily halted naira-based sales of its products.
The federal government later clarified on April 9 that the naira-for-crude scheme would resume following the completion of its initial phase on March 31. In line with this, the Dangote refinery lowered petrol prices to ₦865 per litre at its gantry, with partner outlets in Lagos cutting pump prices to ₦890. On April 21, NNPC followed suit, reducing its prices to ₦880 in Lagos and ₦935 in Abuja.