Mohammed Shosanya
The Nigerian Upstream Petroleum RegulatoryCommission,NUPRC,says it will not allow pricing to impede domestic refining.
The development came as NUPRC signed a deal with Oil Producers Trade Section (OPTS) to allow sales of crude to domestic refiners at market prices, ending a supply dispute that had strained relations with international oil companies.
He said in a statement that the regulator would work to ensure there was no “crude supply profiteering,” although he also said it did not condone any loss-making in oil production.
He sought monthly cargo price quotes on crude oil supply and delivery from both producers and refiners and said it was up to the regulator to balance upstream development with a sustainable domestic energy supply chain.
