NNPC has stopped importing refined petroleum products – Kyari

The Nigerian National Petroleum Company (NNPC) has announced it no longer imports refined petroleum products, now sourcing fuel exclusively from local refineries like the Dangote Petroleum Refinery. Speaking at a recent conference, NNPC CEO Mele Kyari confirmed the shift, emphasizing support for domestic refining and dismissing claims that NNPC is unsupportive of local refineries.

Kyari clarified misconceptions around pricing and currency concerns, stating that selling crude in naira would be neutral in impact and reduce foreign exchange pressures on the naira. “There are too many claimants out there, that the NNPC does not want to sell crude to the refinery in naira as a form of sabotage. Far from it!” he said. Kyari explained that selling in naira would be a neutral transaction, adding, “It’s a net zero gain. You lose nothing, you probably gain nothing.”

He praised President Tinubu for backing the transition, highlighting that it could help control inflation and stabilize the FX rate.

“If you stop the import and sell in naira, what you are simply doing is just a substitution… you would have controlled inflation, and you would have controlled the FX pressure because we would have settled the exchange rate for 50 percent of your imports.”