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IOCs Still Causing Crude Supply Crisis- Dangote Refinery Cries Out

Dangote Industries Limited has stated that international oil companies continue to hinder crude oil supply commitments to its 650,000 barrels per day Dangote Refinery.

Devakumar Edwin, the Vice President of Dangote Industries Limited, revealed this in a statement on Wednesday.

He mentioned that IOCs were selling crude at $2 to $4 per barrel above the official price set by the Nigeria Upstream Petroleum Regulatory Commission.

Edwin also claimed that IOCs favored selling Nigerian-produced crude to Asian countries.

“Data on platforms like Platts and Argus shows that the price offered to us is way higher than the market prices tracked by these platforms. We recently had to escalate this to NUPRC”, he stated.

This follows a recent commitment by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) to enforce the Domestic Crude Supply Obligation (DCSO) guideline in the sector.

It is worth noting that the Chairman of Dangote Group, Aliko Dangote, stated that the Lagos-based refinery will begin fuel supply in August 2024, after missing its initial July deadline.

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