The federal government has reached an agreement with oil producers to permit the sale of crude oil to domestic refiners at prevailing market prices.
This deal, brokered on Thursday through the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) brings to an end a supply dispute that has strained relations with international oil companies (IOCs).
The producers under the aegis of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce Industry (LCCI) at the instance of the NUPRC agreed to concede to a framework that would be mutually beneficial with a focus on ensuring that the local refineries are not strangulated with off-the-curve prices.
