Dangote Industries Limited has accused International Oil Companies (IOCs) in Nigeria of sabotaging the Dangote Oil Refinery by manipulating crude oil prices. Devakumar Edwin, the company’s Vice President of Oil and Gas, revealed that IOCs inflate premium prices beyond market rates, forcing the refinery to import crude from distant countries, increasing costs. He claimed that, despite efforts by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to ensure local crude supply, IOCs demand exorbitant premiums or claim unavailability, thereby hindering the refinery’s operations and compelling reliance on imports. Under the Petroleum Industry Act (PIA), IOCs are required to prioritize local crude supply; however, compliance issues have persisted despite the NNPC’s efforts. Aliko Dangote, the refinery’s chairman, said as much during a recent interview with CNN, noting that IOCs prefer exporting over fulfilling local demands.
SOURCE: NAIRAMETRICS
