The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged the federal government (FG) to privatize state-owned refineries.
PETROAN further requested a N100 billion grant from President Bola Tinubu to sustain oil marketers amid economic challenges.
In a statement 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.
It called for the privatization of refineries like those in Warri and Kaduna, proposing their transfer to reputable private companies to enhance operational efficiency and reduce government expenditure.
Signed by PETROAN President Billy Gillis-Harry, National Secretary Adedibu Aderibigbe, and Spokesman Joseph Obele, the statement emphasised that the N100 billion grant would prevent the collapse of over 10,000 oil marketers’ businesses and mitigate job losses triggered by the removal of fuel subsidies.
PETROAN also advocated for tighter border security to curb smuggling and suggested the adoption of digital tracking systems to monitor the movement of petroleum products from refineries to retail outlets.
The removal of fuel subsidies in May 2023 saw petrol prices surge from N170 to around N1,000 per liter in many parts of the country.
To address this, PETROAN urged the FG to foster a competitive market, encourage new entrants, and maintain fair pricing by preventing monopolies in the sector.
