Nigerian Oil Refiners Demand Price Regulation Amid Supply Concerns

Local oil refiners in Nigeria, represented by the association, are calling for the regulation of crude oil prices and highlighting challenges in competing against imported petroleum products due to price distortions. The association urges the government to create a pricing framework to guarantee fair profit margins for local refiners.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is mentioned in the context of encouraging stakeholders to improve Nigeria's crude oil production, which currently falls below its OPEC quota. The refiners also advocate for the expansion of the Naira crude policy to incentivize the sale of crude oil to local refineries in local currency.