The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged the Federal Government to privatize state-owned refineries and requested a ₦100bn grant from President Bola Tinubu to support oil marketers.
In a Saturday statement titled PETROAN’s Retrospect of Nigeria’s Oil and Gas Downstream Sector 2024, the association highlighted key developments in the sector over the past year.
It also proposed privatizing Nigerian-owned refineries, including the Warri and Kaduna refineries, by handing them over to reputable private companies to enhance efficiency and cut government spending.
Signed by PETROAN President Billy Gillis-Harry, National Secretary Adedibu Aderibigbe, and Spokesperson Joseph Obele, the statement emphasized that the grant is essential to prevent the collapse of oil marketers’ businesses.
This, it said, is “to help prevent the closure of 10,000 marketers’ businesses. The request is in response to the threat of job losses that would result from the removal of the fuel subsidy.
The association called on authorities to work with “neighbouring countries to strengthen border security and prevent smuggling, and also utilize digital tracking systems to monitor petroleum products from refineries to retail outlets”.
“To boost Nigeria’s refining capacity and reduce reliance on imported petroleum products, we strongly recommend that crude oil be made available for local refineries,” the statement read.
“This strategic move will have a positive impact on the country’s economy and energy security. By prioritizing local refineries’ access to crude oil, Nigeria can unlock the full potential of its refining sector, drive economic growth, and enhance energy security.”
Since the removal of the fuel subsidy in May 2023, the price of the essential commodity has surged from approximately ₦170 to nearly ₦1,000 in many parts of the country.
However, PETROAN advocates for a “competitive market by attracting new entrants and fostering a level playing field to curb monopolies and guarantee fair pricing.”
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