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The Nigerian National Petroleum Company Limited has initiated fresh negotiations with the Dangote Petroleum Refinery over the renewal of the naira-for-crude agreement, as talks are underway in anticipation of the expiration of the initial deal, which ends on March 31, 2025.
The NNPCL disclosed this in a statement issued on Monday in response to claims that the government-owned oil company had suspended the naira-for-crude deal until 2030, as it has forward-sold all its crude oil.
Recall that on October 1, 2024, the federal government commenced the sales of crude oil in naira to local refineries to improve supply, save the country millions of dollars in petroleum product imports, and ultimately reduce the pump prices of refined products.
