By: Bayero Ade
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns about the diversion of 500,000 barrels of crude oil daily, which were intended for local refineries but have instead been redirected to international markets.
According to Afripost, In a statement, PETROAN’s Publicity Secretary, Joseph Obele, commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its recent decision to ban the export of crude oil meant for domestic refining.
Obele emphasized that this ban could greatly enhance local refining capabilities, which have been significantly hindered by the diversion of crude. He further criticized the practice, which he described as a strategy by producers and traders prioritizing foreign exchange profits over the development of Nigeria’s refining industry.
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