The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims made by its former Chief Operating Officer, Engineer Bello Rabiu, regarding crude swap deals. Rabiu alleged that Nigeria’s fuel consumption, estimated at one million metric tonnes, is being supplied through NNPCL’s Direct Sale Direct Purchase (DSDP) program, creating a monopoly.
NNPCL spokesman, Femi Soneye dismissed these claims as false, stating that the company no longer engages in crude swap deals and that all gasoline supplies are now based on open cash tenders.
Rabiu had criticized the current deregulation model, claiming NNPCL’s dominance in importing and pricing PMS contradicts the Petroleum Industry Act 2021. He called for a review of the business model to allow multiple players and ensure transparency.
The former executive also highlighted the imminent entry of Dangote Refinery into the market, calling it a game-changer that requires regulatory intervention to ensure a smooth integration into the supply chain.