The Petroleum Products Retail Outlets Owners Association of Nigeria has called on the federal government to privatize the Warri and Kaduna refineries.
PETROAN believes that privatization would help foster competition in the oil and gas sector, potentially improving efficiency, productivity, and the overall supply of petroleum products in Nigeria.
In a statement on Saturday, PETROAN urged the federal government to privatize the Warri and Kaduna refineries, highlighting that such a move would drive competition, improve transparency, and strengthen accountability in the downstream petroleum sector.
“Privatize Nigerian-owned refineries, such as the Warri and Kaduna refineries, to reputable private companies to improve efficiency and reduce government spending,” PETROAN stated.
“Foster a competitive market by encouraging new entrants and promoting a level playing field to prevent monopolies and ensure fair pricing.”
The group also called on President Bola Tinubu to approve a N100 billion grant for marketers to support them in mitigating job losses resulting from the removal of the petrol subsidy.
“PETROAN request for a grant of N100 billion from President Bola Tinubu to help prevent the closure of 10,000 marketers’ businesses,” the association noted.
PETROAN stated that the recommendations would help consolidate the gains in the downstream sector.
The association added that, despite the challenges faced last year, the sector is positioned for ongoing growth and development.
“2024 was a significant year for Nigeria’s oil and gas downstream sector, marked by deregulation, infrastructure investments, and growth in the LPG market.
“The rehabilitation and commencement of production at the Port Harcourt Refinery, as well as the emergence of the Dangote Refinery, were notable highlights,” PETROAN said.
The Group added, “The rehabilitation and commencement of production at the Port Harcourt Refinery, as well as the emergence of the Dangote Refinery, were notable highlights.
“While challenges persist, the sector is poised for continued growth and development in the years to come.
“As the industry navigates the energy transition and embraces new technologies, it is essential for stakeholders to remain adaptable, innovative, and committed to sustainable development.”
