No discontinuation of naira-based crude oil supply, local refineries assured

Stanley Ihedigbo

Chairman, Technical Sub-Committee on Domestic Sales of Crude Oil and Refined Products in Naira, Zacch Adedeji, has debunked reports that the naira-for-crude policy has been discontinued.

According to Adedeji, the policy framework enabling the sale of crude oil in naira for domestic refining remains in force, designed to ensure supply stability and optimize local refining capacity.

Adedeji emphasized that local refineries have not been excluded from domestic crude supply, with the engagement process remaining in place through structured agreements.

“We remain committed to ensuring the efficient execution of this initiative in line with its core objectives – enhancing local refining, reducing foreign exchange exposure, and stabilising the domestic fuel supply”, he assured.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is ensuring compliance with the Domestic Crude Oil Obligations provisions of the Petroleum Industry Act.

The initiative aims to promote a competitive and efficient pricing environment, enhance local refining, reduce foreign exchange exposure, and stabilize the domestic fuel supply.