The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has claimed that oil-producing companies have been diverting 500,000 barrels of crude oil meant for local refineries.
In a recent statement, PETROAN’s Publicity Secretary, Joseph Obele, applauded the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its decision to halt the export of crude oil designated for domestic refineries.
According to Obele, this measure will contribute to increased domestic refining.
“The export of crude oil intended for local refining has resulted in the neglect of domestic refineries.
This has been part of a widespread racketeering scheme, with producers and traders favoring rapid foreign exchange earnings over local refining,” Obele explained.
He further highlighted that approximately 500,000 barrels of crude oil per day are allocated for domestic refining, but these volumes often end up on the international market.
