By Obiabin Onukwugha
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that local refineries received 28.5 million barrels of crude oil for domestic consumption in the first quarter of 2026.
The figures, which represent a supply conversion rate of 36–46 per cent, were
released on Tuesday as part of the Commission’s enforcement report on the Domestic Crude Supply Obligation (DCSO) under the Petroleum Industry Act.
According to the monthly allocation summary, 61.9 million barrels of crude were allocated to domestic refineries during the quarter. Producers collectively offered a higher volume of 68.7 million barrels, but actual deliveries fell short.
“The shortfall between volumes offered and actual deliveries has been attributed primarily to pricing gaps between producers and domestic refiners,” the NUPRC said in a statement.
The Commission emphasized that the current framework operates on a “willing buyer, willing seller” basis, which continues to shape transaction outcomes.