Nigeria's Refiners Demand Pricing Template Amid Crude Supply Disruptions

The Crude Oil Refinery Owners Association of Nigeria (CORAN) has called on the government and regulators to establish a pricing template for crude supplied to domestic refineries. This comes as some marketers have been blacklisted by Dangote refinery over importation of petrol, citing lack of supply.

CORAN notes that despite being one of Africa's largest crude-oil producers, Nigeria's domestic refiners face significant difficulties obtaining Nigerian crude on commercially workable terms. The association points to a pricing gap between producers and domestic refineries as one of the principal reasons for this issue.

In response to CORAN's demands, the NUPRC has acknowledged these realities and is consulting on mechanisms such as domestic crude swaps that could match producing assets more efficiently with nearby refiners. The association welcomes this direction but urges it be accelerated.