Regulators Push Crude Pricing Template For Domestic Refiners, Target $3–$4/b Cost Reduction

Regulators are working on a new crude pricing and supply template aimed at reducing feedstock costs for domestic refineries by $3-$4 per barrel by eliminating costly intermediaries, industry and government officials have said.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) are leading the review and have convened producers, refiners and other stakeholders in Lagos to agree on a framework for domestic crude deliveries.
“We are working on a template that will make it cheaper and simpler for local refiners to access Nigerian crude,” a senior NUPRC official said.
“The goal is to remove unnec...