WATCH THE VIDEO HERE The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has asked President Bola Tinubu to help oil marketers with N100 billion in intervention to help 10,000 filling stations stay afloat amid current economic realities. The group made up of owners and stakeholders in private petrol stations once again asked the federal government to privatise state-owned refineries, with the old Port Harcourt and Warri refineries coming online recently. In a statement over the weekend, titled PETROAN’S Retrospect of Nigeria’s Oil and Gas Downstream Sector 2024, the association listed several groundbreaking moves in the sector in the outgone year. But it recommended the privatisation of “Nigerian-owned refineries, such as the Warri and Kaduna refineries, to reputable private companies to improve efficiency and reduce government spending”. PETROAN in a statement signed by its President, Mr Billy Gillis-Harry, national secretary, Mr Adedibu Aderibigbe, and spokesman, Mr Joseph Obele, said the grant request is to avoid the closure 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.” PETROAN reiterated that it wants a “competitive market by encouraging new entrants and promoting a level playing field to prevent monopolies and ensure fair pricing”. Recall that in November 2024, the group said it was willing to engage in a price war with Dangote Refinery.
Petrol Station Owners Seek N100bn Intervention to Stay Afloat
