Financial Energy Review
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on President Bola Tinubu to approve a ₦100 billion grant to prevent the collapse of oil marketers’ businesses.
In a statement issued on Saturday titled PETROAN’s Retrospect of Nigeria’s Oil and Gas Downstream Sector 2024, the association emphasized the urgency of the grant in light of economic challenges posed by the removal of the fuel subsidy.
“This grant is necessary to prevent the closure of 10,000 marketers’ businesses, which would otherwise lead to significant job losses,” said Billy Gillis-Harry, PETROAN’s president.
The statement, co-signed by the association’s national secretary, Adedibu Aderibigbe, and spokesman, Joseph Obele, highlighted the need for reforms, including privatizing the Warri and Kaduna refineries. “Privatizing these refineries will enhance efficiency and reduce government spending,” the association noted.
PETROAN also urged authorities to collaborate with neighboring countries to curb smuggling and adopt digital tracking systems to monitor petroleum distribution.
“To boost Nigeria’s refining capacity and reduce reliance on imports, we strongly advocate for crude oil to be allocated to local refineries. This will drive economic growth and strengthen energy security,” the statement read.
The association further called for a competitive market to prevent monopolies and ensure fair pricing. Since the removal of the fuel subsidy in May 2023, petrol prices have surged from ₦170 to nearly ₦1,000, creating financial pressure on Nigerians.
