In a bid to boost local refining capacity, reduce the import of refined petroleum products and curb pressure on foreign exchange supply, the Federal Government has banned the export of crude oil meant to meet the needs of domestic refineries in the country.
The Commission in a statement in Abuja insisting that any changes to cargoes designated for domestic refining must receive express approval from its chief executive.
Previously, about 500,000 barrels of crude oil per day meant for domestic refining have been finding their way to the international market as producers and traders shortchanged the policy for quick foreign exchange proceeds.
Acting through the upstream sector regulator, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, the government warns that it will henceforth deny export permits for crude oil cargoes intended for domestic refining.
-9News Nigeria.
