The Federal Government, through oil swap contracts, exchanges over 300,000 barrels of crude oil per day for fuel. Already, the Nigerian National Petroleum Corporation (NNPC), on Monday, said there is no going back on acquisition of stakes in six private refineries, which are being developed in the country to ensure national energy security. The fact that the NNPC will be a minority shareholder offers a great deal of comfort. xEARLIER, in a desperate effort to offload and sell stranded barges of oil last year, the Federal Government had offered oil traders huge discounts on crude oil grades below the $10 mark, as glut and energy imbalance triggered by coronavirus hit the oil industry. Latest prices for most of government’s crude oil grades for sale in May, showed prices as low as $1.51 while two of Nigeria’s banner grades – Qua Iboe, and Bonny Light sold at discounts of $3.92 and $3.95 respectively the following month.

Source: The Guardian June 02, 2021 04:41 UTC