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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has alleged that 500,000 barrels of crude oil meant for local refineries were diverted by oil-producing companies.
The allegation was made in a statement issued by PETROAN Publicity Secretary Joseph Obele, who lauded the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for banning the export of crude oil allocated to local refineries.
Obele also noted that the ban would lead to an increase in domestic refining.
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“The exportation of crude oil meant for domestic refining has led to the abandonment of local refineries. It has been a major racketeering scheme, with producers and traders prioritising quick foreign exchange proceeds over local refining.
“Approximately 500,000 barrels of crude oil per day are allocated for domestic refining, but these volumes often find their way to the international market,” he stated.
