We can use a netback calculation method to determine the expected revenue obtained by the DSDP partner if the petroleum products were sold in Netherlands.
The gross product revenue of a refined barrel of crude oil is the sum of the volume yield of each refined product multiplied by its price. Therefore the expected gross revenue of the DSDP partner would have been or $263.43. The expected take of the DSDP partner would be or $187.05.
In 2019, 107.24 million bbls of domestic allocated crude were exported. Almost all the crude volume was lifted by suppliers or DSDP partners. Table 1 shows DSDP data for 2019. The total PMS import volume received by NNPC was 107.24 million bbls with a value of $7.012 billion. This was approximately the value of the crude given to DSDP partners for refining since 97.4% of the volume was under the DSDP program. The 107.24 million bbls of PMS was sold in the Nigerian market for $7.083 billion.
We have shown that there was no subsidy under the DSDP program in 2019 and 2020. The same was true of the DSDP program from 2016 to 2023.
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