Nigerian Oil Industry Leaders Demand 3 Million Barrel Crude Reserve for Domestic Refineries
The Petroleum Products Retail Outlets Association of Nigeria (PETROAN) has called for urgent government action to establish a sustainable crude oil supply framework for local refineries, proposing a strategic reserve of 3 million barrels annually for domestic processing facilities.
PETROAN National President Dr. Billy Gillis-Harry emphasized the critical need for regulatory coordination between the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and NNPC to implement the comprehensive supply plan.
The proposal aims to address the chronic lack of adequate crude oil access faced by local refineries while positioning Nigeria as a regional refining hub capable of earning additional foreign exchange through petroleum product exports. Gillis-Harry stressed that with numerous refineries coming online, Nigeria should reserve 3 million barrels of crude oil for in-country processing.
Source: orientalnewsng.com
