By Abaire Olanlesi
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has accused oil producers of diverting the 500,000 barrels of crude oil allocated daily for local refineries.
While commending the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), for banning the export of crude meant for domestic refining, PETROAN expressed concern that producers prioritize foreign sales over meeting domestic supply obligations.
In a statement by its Publicity Secretary, Joseph Obele, PETROAN alleged that oil producers engage in racketeering, undermining local refining capacity and increasing reliance on imported petroleum products.
The association believes the NUPRC directive will help strengthen local refining, reduce pressure on foreign exchange reserves, and revive abandoned refineries.
