The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has commended the federal government for banning the exportation of crude oil allocated to local refineries.
President of PETROAN, Billy Grillis-Harry, gave the association’s backing to the government policy in a statement issued yesterday by National Public Relations Officer of PETROAN, Joseph Obele.
Gillis-Harry said the ban was expected to boost local refining capacity, reduce the importation of refined petroleum products, and ease pressure on foreign exchange supply.
According to the PETROAN boss, exportation of crude oil meant for domestic refining had led to the abandonment of local refineries. He alleged that there had been a major racketeering scheme in the Domestic Crude Supply Obligation (DCSO) policy, with producers and traders prioritising quick foreign exchange proceeds over local refining.
According to PETROAN, “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.”
