The federal government, through the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), has reached an agreement with producers to permit the sale of crude oil to domestic refiners at market prices.
This resolution ends a supply dispute that has strained relations with international oil companies.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) stated that it could not allow pricing issues to hinder domestic refining.
The NUPRC emphasized its commitment to preventing “crude supply profiteering,” while also ensuring that oil production remains profitable.
He said, “We will never allow price strangulation to disincentivise our domestic refining capacity optimisation”
He stated that the regulator would work to prevent “crude supply profiteering,” while also ensuring that oil production remains profitable.
To ensure transparency, the Chief Executive of the NUPRC Gbenga Komolafe requested monthly cargo price quotes on crude oil supply and delivery from both producers and refiners.
He emphasized that it is the regulator’s responsibility to balance upstream development with a sustainable domestic energy supply chain.
