The Nigerian National Petroleum Corporation (NNPC) yesterday said $2.2 billion (N673.2 billion) had been saved from refining over 40 billion liters of crude oil abroad through the nation’s Direct Sale and Direct Purchase (DSDP) scheme. Speaking at the 2019 DSDP bid opening ceremony in Abuja, the corporation’s Group Managing Director, Dr. Maikanti Baru, noted that since the introduction of the scheme in 2016, 29.5 million metric tons (39.6 billion liters) of petroleum products had been supplied on the platform, representing over 90 percent of the national requirement. Adopted to replace the Crude Oil Swap and the Offshore Processing Arrangement, the DSDP allows the NNPC to sell crude directly to off-shore refiners and get products in return. “The scheme prides itself with a competitive pricing framework (lower than the PPPRA benchmark), which over the years has ensured a significant reduction in product demurrage cost in the range […]