The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has praised the federal government’s decision to ban the export of crude oil designated for domestic refineries, calling it a crucial step toward strengthening Nigeria’s refining sector and economy......CLICK HERE TO CONTINUE READING>>>.....CLICK HERE TO CONTINUE READING>>>
In a statement on Wednesday, PETROAN’s Public Relations Officer, Joseph Obele, revealed that nearly 500,000 barrels per day (bpd) meant for local refining were being siphoned into the international market, undermining the country’s refining capacity.
Obele emphasized that halting these exports would boost domestic refining, reduce Nigeria’s dependence on imported petroleum products, and ease pressure on the country’s foreign exchange reserves.
“The exportation of crude oil meant for local refineries has led to their neglect and has fueled a major racketeering scheme,” Obele said. “Producers and traders have prioritized quick foreign exchange gains over refining within Nigeria.”
PETROAN believes that refining crude oil locally will have far-reaching benefits, including revitalizing the petrochemical and agricultural industries, reducing income inequality, and transitioning Nigeria from a raw material exporter to a producer of value-added products.
Billy Gillis-Harry, PETROAN’s President, also weighed in, urging the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to enforce the policy by cracking down on defaulters, including refineries, cargo vessels, and companies violating the new directive.
“This ban ensures that Nigeria has sufficient refined petroleum products, leading to lower prices and better economic stability,” Gillis-Harry stated.