Oil marketers under PETROAN have urged the Federal Government to privatise Nigerian-owned refineries and focus on Compressed Natural Gas (CNG). They emphasized that privatisation of the Warri and Kaduna refineries would improve efficiency, transparency, and accountability.
Privatization of Refineries Key to Solving Downstream Challenges, Say Oil Marketers
PETROAN stated that privatising refineries would reduce government spending and encourage competition in the petroleum industry. According to the association, reputable private companies should handle refinery operations to ensure better performance.
The document read, “Privatisation of Nigerian-owned refineries will improve efficiency and reduce government expenditures in the downstream sector.”
Oil Marketers Urge Investment in Local Content and Infrastructure
The marketers highlighted the importance of local content development in enhancing downstream operations. They recommended supporting indigenous companies and promoting research and development. Investments in critical infrastructure such as pipelines and storage facilities were also urged to reduce dependence on imported petroleum products.
Oil Marketers Advocate Crude Access for Local Refining
PETROAN requested the Federal Government to prioritize crude oil access for local refineries. They explained that this move would significantly improve Nigeria’s refining capacity and energy security.
The report stated, “Making crude oil available for local refineries is crucial to boosting Nigeria’s economy and refining potential.”
N100bn Grant Needed to Rescue Businesses, Say PETROAN
PETROAN appealed to the Federal Government for a N100bn grant to support 10,000 businesses affected by the fuel subsidy removal. They warned of potential job losses if these businesses close.
Collaboration and Smuggling Prevention Essential in 2025
The report called for enhanced border security to curb petroleum smuggling. Oil marketers recommended collaboration with neighboring countries and the use of digital tracking systems to monitor product distribution.
The document concluded, “Strengthening border security and implementing tracking systems will ensure better distribution and reduce smuggling activities.”
CNG Adoption and Stakeholder Engagement Stressed by Oil Marketers
Oil marketers emphasized the importance of promoting CNG adoption by providing incentives and conducting awareness campaigns. They encouraged private sector participation to attract investment and expertise in the downstream sector.
“Stakeholder engagement and a conducive regulatory environment are vital for achieving the full potential of CNG development,” the report added.
