The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the Federal Government to privatise state-owned refineries and provide a ₦100 billion grant to support struggling oil marketers.
In a statement on Saturday, titled PETROAN’s Retrospect of Nigeria’s Oil and Gas Downstream Sector 2024, the association highlighted significant developments in the sector over the past year while recommending key reforms.
Among its proposals was the privatisation of refineries, including the Warri and Kaduna facilities, suggesting they be sold to reputable private firms to enhance efficiency and cut government expenditure.
Signed by PETROAN President Billy Gillis-Harry, National Secretary Adedibu Aderibigbe, and Spokesman Joseph Obele, the statement emphasised that the grant would help prevent the collapse of 10,000 oil marketers’ businesses and mitigate job losses linked to the removal of fuel subsidies.
The group also urged authorities to strengthen border security to curb smuggling and adopt digital tracking systems to monitor petroleum product distribution. Additionally, PETROAN advocated for prioritising crude oil supply to local refineries, describing it as a strategy to boost Nigeria’s refining capacity, reduce dependence on imports, and enhance energy security.
Following the removal of fuel subsidies in May 2023, petrol prices surged from approximately ₦170 to nearly ₦1,000 in parts of the country. PETROAN has called for a competitive market environment to prevent monopolies and ensure fair pricing.