The Federal Government has reaffirmed its commitment to market-driven pricing for crude oil, rejecting price-fixing. It emphasizes adherence to international best practices, allowing transactions based on a willing-seller, willing-buyer framework.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, stated this in Abuja during a meeting with members of the Oil Producers Trade Section and the Independent Petroleum Producers Group.
The groups sought clarifications on operational challenges related to the pre-allocation of crude oil to domestic refiners, pre-existing contracts under domestic crude supply obligations, and pricing concerns.