Close Menu

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Former Minister Adamu Waziri Dumps PDP For ADC

    July 7, 2025

    Tinubu’s Adminisration Lacks Empathy – Peter Obi

    July 7, 2025

    Olubadan of Ibadanland, Oba Olakulehin Dies At 90

    July 7, 2025
    Facebook X (Twitter) Instagram
    Trending
    • Former Minister Adamu Waziri Dumps PDP For ADC
    • Tinubu’s Adminisration Lacks Empathy – Peter Obi
    • Olubadan of Ibadanland, Oba Olakulehin Dies At 90
    • LASU Dismisses Senior Lecturers For Misconduct
    • Nigerians Should Be Patient, Things Will Be Better Soon – Wike
    • Ex- Arsenal Star, Thomas Partey Charged With Rape
    • Verghis Takes Over As World Bank Country Director For Nigeria
    • Court Orders Senate To Recall Natasha From Suspension
    Facebook X (Twitter) Instagram
    TheScrutinyNG
    Subscribe
    Tuesday, July 8
    • Home
    • Politics
    • Business
    • News
      • World News
    • Sports
    • Interviews
    • Opinion
    • Entertainment
    • Columnists
    • ABOUT US
    TheScrutinyNG
    Home » PETROAN Alleges Crude Oil Racketeering, Supports NUPRC Export Ban
    1 Min ReadFebruary 5, 2025

    PETROAN Alleges Crude Oil Racketeering, Supports NUPRC Export Ban

    By Amina MohammedFebruary 5, 2025No Comments1 Min Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The Petroleum Products Retail Outlets Owners Association of Nigeria has alleged that oil producers are diverting the daily 500,000 barrels of crude oil meant for local refineries.

    The association said this while commending the Nigerian Upstream Petroleum Regulatory Commission for banning the export of crude oil allocated to local refineries.

    PETROAN said the move is expected to boost local refining capacity, reduce the importation of refined petroleum products, and ease pressure on foreign exchange supply.

    According to PETROAN, many refineries have been abandoned due to the failure of oil producers to obey the domestic crude supply obligation.

    In a statement by its Publicity Secretary, Joseph Obele, the association alleged racketeering, saying oil producers prioritised quick dollar earnings over the government’s efforts to boost local refining capacity.

    “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,” the retailers said.

    Author

    • Amina Mohammed
      Amina Mohammed

      View all posts
    Joseph Obele PETROAN
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Amina Mohammed

    Related Posts

    Featured

    Former Minister Adamu Waziri Dumps PDP For ADC

    July 7, 2025
    Featured

    Tinubu’s Adminisration Lacks Empathy – Peter Obi

    July 7, 2025
    Featured

    Olubadan of Ibadanland, Oba Olakulehin Dies At 90

    July 7, 2025
    Breaking News

    LASU Dismisses Senior Lecturers For Misconduct

    July 6, 2025
    Featured

    Nigerians Should Be Patient, Things Will Be Better Soon – Wike

    July 6, 2025
    Featured

    Ex- Arsenal Star, Thomas Partey Charged With Rape

    July 4, 2025

    Subscribe to News

    Get the latest sports news from NewsSite about world, sports and politics.

    Editor's Picks

    Former Minister Adamu Waziri Dumps PDP For ADC

    July 7, 2025

    Tinubu’s Adminisration Lacks Empathy – Peter Obi

    July 7, 2025

    Olubadan of Ibadanland, Oba Olakulehin Dies At 90

    July 7, 2025

    LASU Dismisses Senior Lecturers For Misconduct

    July 6, 2025
    Latest Posts
    Advertisement
    Facebook X (Twitter) Pinterest Vimeo WhatsApp TikTok Instagram

    News

    • World
    • US Politics
    • EU Politics
    • Business
    • Opinions
    • Connections
    • Science

    Company

    • Information
    • Advertising
    • Classified Ads
    • Contact Info
    • Do Not Sell Data
    • GDPR Policy
    • Media Kits

    Services

    • Subscriptions
    • Customer Support
    • Bulk Packages
    • Newsletters
    • Sponsored News
    • Work With Us

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    © 2025 The Scrutiny. Designed by Design Streams.

    • Privacy Policy
    • Terms
    • Accessibility

    Type above and press Enter to search. Press Esc to cancel.