NNPC to Pay Cash for Petrol Imports, Ends Oil Swap Contracts

The Nigerian National Petroleum Company (NNPC) Limited has announced that it will end its oil swap contracts with traders and will instead pay cash for petrol imports.

The move is part of a broader plan to deregulate the petrol market and reduce the burden on government finances.

Under the current oil swap arrangement, the NNPC exchanges crude oil for refined petroleum products.

However, the company has been struggling to meet the country’s demand for petrol, and has been forced to import large quantities of the fuel.

This has placed a significant strain on the NNPC’s finances.The new policy will see the NNPC import petrol directly, and pay for it in cash.

According to the NNPC, this is expected to reduce the cost of petrol for consumers, and to make the market more competitive.

The NNPC has said that it will begin the process of ending its oil swap contracts immediately. The company has also said that it is working with private companies to ensure that there is no disruption to the supply of petrol.

Mele Kyari, group chief executive officer of the NNPCL, said that the decision to end oil swap contracts is a significant one, and it remains to be seen how it will impact the Nigerian fuel market.

However, the move is seen as a positive step by many, and it is hoped that it will help to reduce the cost of petrol for consumers.

Here are some additional details:

• The NNPC has been importing petrol for several years, due to a lack of capacity at its refineries.

• The NNPC’s oil swap contracts have been criticized for being opaque and for allowing for corruption.

• The deregulation of the petrol market is expected to lead to lower prices for consumers.

• The NNPC has said that it is working to ensure that there is no disruption to the supply of petrol during the transition period.