The Federal Government has said it would not resort to price-fixing for crude oil. It insisted on the commitment to comply with international best practices to allow the willing-seller, willing-buyer option.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, stated this in Abuja during a meeting with members of the Oil Producers Trade Section and the Independent Petroleum Producers Group.
This is as the groups sought clarifications on certain operational challenges regarding the pre-allocation of crude oil to domestic refiners, pre-existing contracts amid domestic crude supply obligations, and pricing issues.
In a statement from the NUPRC, the meeting with major stakeholders in the country’s oil and gas sector was to discuss and fine-tune issues related to domestic crude supply obligations between producers and refiners.
The meeting was aimed at enhancing Nigeria’s energy security. Komolafe explained that while the commission remains committed to regulating the industry as mandated by law, it is also focused on fostering growth within the sector, avoiding arbitrary actions that could dissuade operators or hinder investments.
He added that in January, the Commission outlined a five-point agenda that would aid increased oil production in 2025.
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