We’ve Stopped Importing Refined Petroleum – NNPC GCEO Kyari

We’ve Stopped Importing Refined Petroleum—NNPC GCEO Kyari

The Nigerian National Petroleum Company (NNPC) Limited has announced that it has ceased importing refined petroleum products, shifting its focus to sourcing fuel exclusively from domestic refineries.

In his keynote speech at the 42nd Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos on Monday, Mele Kyari, the Group Chief Executive Officer (GCEO) of NNPC, disclosed this noteworthy development.

Kyari explained that the company now relies entirely on local refineries, including the Dangote Petroleum Refinery, for its fuel supply.

“Today, NNPC does not import any product; we are taking only from domestic refineries,” Kyari stated, marking a major shift in the country’s fuel supply dynamics.

In response to claims that NNPC is hindering domestic refining efforts by not supporting local refineries, Kyari dismissed the accusations.

“The point is very far from it, and I’m going to speak to it straight. We are very proud part-owners of Dangote Refinery, no doubt about it,” he said, emphasising that NNPC’s involvement in the Dangote Refinery is a strategic business decision.

The choice to supply crude oil to domestic refineries, such as Dangote and other regional refineries, is motivated by a definite market opportunity, Kyari emphasised.

“We saw an opportunity that there is a clear market for at least 300,000 barrels of our production; we know that as time moves on, people will start struggling to find markets for their production,” Kyari explained.

He further noted that oil is being discovered in increasingly unexpected locations globally, offering consumers more choices.

The GCEO reaffirmed that the move to supply crude to domestic refineries was a well-thought-out business strategy that benefits the company, stressing that no external pressure was necessary for NNPC to pursue this course of action.

“We don’t need to be persuaded; we don’t need anyone to talk to us; there is no need for any pressure from the streets for us to do this. We are already doing this,” Kyari concluded.