Refinery Owners Urge FG to Support Local Refining

The Crude Oil Refinery Owners Association of Nigeria (CORAN) has called on the Federal Government to urgently strengthen the domestic refining industry and reduce reliance on imported petroleum products. This appeal was made in a position paper titled, “Position Paper on the Urgent Need for Strategic Government Intervention to Strengthen Nigeria’s Domestic Refining Industry,” released on Thursday.

CORAN highlighted the challenges local refinery operators face, including foreign-exchange pressures, high borrowing costs, and inadequate infrastructure. They reported that in the first quarter of 2026, 61.9 million barrels were allocated to domestic refineries, but only 28.5 million barrels were delivered.

The association acknowledged improvements in the second quarter, with 53.7 million barrels supplied, representing a 97.4% performance. However, they stressed that crude allocation must be under commercially sustainable conditions.

CORAN proposed a Domestic Refinery Crude Pricing Framework that considers international benchmarks while addressing local logistical costs.