Holders of refining licences in the country can pay for domestic crude oil supply in naira, according to the Petroleum Industry Bill passed by the National Assembly on Thursday.

Holders of refining licences in the country can pay for domestic crude oil supply in naira, according to the Petroleum Industry Bill passed by the National Assembly on Thursday.

Companies holding refining licences include Dangote Oil Refinery Company, Waltersmith Refining & Petrochemical Company Limited, OPAC Refineries, Niger Delta Petroleum Resources, BUA Refinery & Petrochemicals and Edo Refinery and Petrochemical Company Limited.

The Senate and House of Representatives, according to copies of the passed bills, recommended that payment guarantees to be provided by refinery licence holders shall be in dollars or naira.

The bill provides that two regulators be established, namely the Nigerian Upstream Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

For more information download our app on IOS or Android https://www.eaglesfm.com/download-mobile-app/