Business Watch
Nigeria’s Oil Producers Request NNPC to Use Intervention Crude for Domestic Purposes
Oil Producers Urge NNPCL to Prioritize Domestic Consumption with Intervention Crude.
The Independent Petroleum Producers Group (IPPG) has called on the Nigerian National Petroleum Corporation Limited (NNPCL) to utilize its 445,000 barrels per day intervention crude oil volume to meet domestic demand, as it has done in the past. This move aims to enhance the petroleum value chain within the Nigerian economy, while ensuring adherence to existing laws and obligations.
In a letter to the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, IPPG Chairman Abdulrazak Isa suggested that any national production above NNPCL’s allocated volume should be treated as export volumes, subject to the “willing buyer, willing seller” framework of the international market.
The group argued that refiners would need to export excess products that surpass domestic demand, thereby boosting foreign exchange earnings. IPPG also cautioned against compelling Nigerian authorities to sell crude oil to local refineries, including the Dangote Refinery, emphasizing the need for a market-driven approach.
- News Watch6 days ago
Remi Tinubu Initiates N1.8bn Grant to Boost Women’s Businesses, Benefiting 37,000 Nationwide
- Police News2 weeks ago
Nigeria Police Force: A List of 36 State Commissioners
- News Watch6 days ago
Aviation Sector Braces for Strike as Workers Reject 50% Revenue Cut
- News Watch3 days ago
NYSC Announces August 19 Opening of CBO Portal for Cybercafe Operators
- News Watch2 days ago
Tensions As Two Young Women Killed, Two Injured in Car Crash After Birthday Party [Pics]
- Fraud Watch1 week ago
EFCC Laments As P-Square’s Peter Refuse Reporting Twin Brother Paul Over Alleged Fraud In Family
- Fraud Watch6 days ago
Anti-graft Agency, EFCC declares man wanted over alleged $400,000 fraud
- News Watch1 week ago
Tinubu’s Green Initiative: Nigeria to Adopt Compressed Natural Gas for Commercial Vehicles [Photos]