Refiners seek fuel import ban as court clears path
Nigeria’s refinery owners have called for a progressive ban on petroleum product imports and full implementation of the Naira-for-Crude policy to strengthen local refining, even as the Federal High Court in Abuja ordered the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue granting import licences to eligible oil marketers. The contrasting developments have […]
Nigeria's refinery owners have demanded a progressive ban on petroleum product imports and the full implementation of the Naira-for-Crude policy to boost local refining, after the Federal High Court in Abuja granted the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) the power to issue import licences to oil marketers.
At the 3rd Nigeria Oil Refining Summit in Lagos, Momoh Oyarekhua, President of the Crude Oil Refinery Owners Association of Nigeria (CORAN), urged Nigeria to increasingly use its crude oil to fuel domestic refineries rather than export crude while importing refined products. Oyarekhua proposed a new domestic crude pricing template, stronger enforcement of the Domestic Crude Supply Obligation, encouragement of crude swaps and proximity-based supply arrangements, and a Refinery Development Financing Framework.
He called for regulatory and fiscal incentives to support refinery expansion, particularly conversion units that could increase domestic production of petrol, aviation fuel, cooking gas, and other products. Chairman of the Independent Petroleum Producers Group (IPPG), Adegbite Falade, suggested that Nigeria should focus on increasing crude production, modernizing evacuation infrastructure, establishing a transparent domestic crude market, and positioning the country as a regional refining and petrochemical hub.
The Federal High Court's ruling affirmed the right of eligible oil marketers to obtain petroleum product import licences, ruling that the refusal to issue or renew licences for three companies was inconsistent with the Petroleum Industry Act.
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