• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Wednesday, July 2, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Crude Oil Producers Diverting 500,000bpd Meant For Local Refineries — PETROAN

by Nse Anthony - Uko
5 months ago
in Business
Crude Oil Producers
Share on WhatsAppShare on FacebookShare on XTelegram

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has raised serious concerns, alleging that oil producers were diverting 500,000 barrels per day (bpd) of crude oil intended for local refineries.

Advertisement

The claim was made public on Wednesday amid ongoing discussions about the challenges facing Nigeria’s refining sector.

The association’s publicity secretary, Joseph Obele, who made this known, emphasised that the diversion of the crude allocations has led to the abandonment of many refineries, which were struggling to operate due to insufficient feedstock.

Obele accused oil producers of prioritising quick foreign exchange gains over compliance with domestic supply obligations.

The PETROAN spokesman commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for recently banning the export of crude oil allocated for domestic refining, a move they believed will enhance local refining capabilities and reduce the nation’s reliance on imported petroleum products.

RELATED

Keystone Bank Empowers Entrepreneurs With SME Business Clinic Nationwide

Keystone Bank Empowers Entrepreneurs With SME Business Clinic Nationwide

31 minutes ago
Inflationary Pressures Hamper Business Operations

Economic Reforms Drag Business Activities To 7-month Low

7 hours ago

He stated, “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 situation has prompted calls for immediate action against both producers and companies that fail to adhere to the new regulations.

The issue has sparked a heated debate among industry stakeholders. While oil producers argue that local refineries often do not meet commercial terms, refiners counter that producers are neglecting their supply commitments in favour of international markets. This ongoing blame game complicates efforts to stabilize local crude supply and improve refinery operations.

PETROAN’s national president, Billy Gillis-Harry, urged swift enforcement of the export ban to ensure that local refineries receive their fair share of crude oil.

He expressed optimism that this policy could lead to a more self-sufficient refining sector in Nigeria, ultimately benefiting consumers through reduced prices and improved product availability.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Petroleum Retail Outlets Owners Association of Nigeria (PETROAN)
SendShareTweetShare
Previous Post

Okpbeholo’s Agro Life-nd Projects Target Young Farmers To Boost Food Security In Edo

Next Post

‘You Are Coming To Equity With Dirty Hands’, Shehu Sani Tells El-Rufai

Nse Anthony - Uko

Nse Anthony - Uko

You May Like

Keystone Bank Empowers Entrepreneurs With SME Business Clinic Nationwide
Business

Keystone Bank Empowers Entrepreneurs With SME Business Clinic Nationwide

2025/07/02
Inflationary Pressures Hamper Business Operations
Business

Economic Reforms Drag Business Activities To 7-month Low

2025/07/02
NNPC Declares N674bn Profit For 2021
Business

NNPC, IPPG Chart Path To Delivering 3m Barrels Per Day Oil Target By 2030

2025/07/02
Customs Recovers N72.4m From Importers At Lagos Seaports
Business

Group Discusses Intermodal Cargo Evacuation From Seaports

2025/07/02
LEADERSHIP Awards: Aradel Holdings Plc Is Oil And Gas Local Content Champion Of The Year 2023
Business

Aradel Holdings, Wema Bank Join NGX 30

2025/07/02
Minister Faults OPEC Data, Insists Nigeria Produces 1.7m Barrels Of Oil Daily
Business

Revive Dormant Oil Assets, Lokpobiri Tells Operators

2025/07/02
Leadership Conference advertisement

LATEST

Nigeria’s Apostle Johnson Suleman Visits Ghanaian President Mahama

South-East Vocational, Entrepreneurial Studies Institute Underway As Reps Pass Bill For 2nd Reading

Keystone Bank Empowers Entrepreneurs With SME Business Clinic Nationwide

Gov’t Mulls N50m Grant For Tertiary Students, Unveils C’ttee To Commercialise Research

Name Varsity After Dantata, MAAUN Founder Gwarzo Tells Federal Gov’t

Wike To Meet Area Council Chairmen, Others Over FCT Primary School Teachers’ Strike

ADC Announces New Venue To Unveil Leaders After Hotel Cancellation

Court Convicts 2 TikTokers For Abuse Of Naira Notes In Oyo

Mohbad: Court Dismisses Father’s Bid To Quash Release Of Naira Marley, Others

Australia Cancels Kanye West’s Visa Over Nazi-themed Song  

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.