Oil Marketers Call Out FG: Privatize Refineries Or Risk Economic Stagnation

Oil marketers have urged the federal government to privatize state-owned refineries, foster competition, enhance transparency and accountability, and invest in infrastructure to improve operations in the downstream petroleum sector.....KINDLY READ THE FULL STORY HERE▶

The marketers also called for stricter enforcement of local content development, increased adoption of Compressed Natural Gas (CNG) by 2025, and measures to curb the smuggling of petroleum products.

Under the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), they further recommended prioritizing access to crude oil and providing a ₦100 billion grant to support 10,000 businesses impacted by the removal of fuel subsidies.

In a statement reflecting on 2024 and outlining goals for 2025, signed by PETROAN’s National President, Dr. Billy Gillis-Harry, National Secretary Barr. Adedibu Aderibigbe, and National Public Relations Officer, Dr. Joseph Obele, the group made several key proposals:

1. Privatization of Refineries: Transfer ownership of refineries like Warri and Kaduna to reputable private firms to enhance efficiency and reduce government expenditure.
2. Promote Competition: Create a level playing field to attract new entrants, prevent monopolies, and ensure fair pricing.
3. Strengthen Oversight: Develop a robust monitoring and evaluation framework to track the performance of downstream operators and ensure regulatory compliance.
4. Invest in Infrastructure: Focus on maintaining and upgrading refineries, pipelines, and storage facilities to boost refining capacity and reduce dependence on imports.
5. Support Local Content: Encourage indigenous participation through incentives and support for research and development in the downstream sector.
6. Expand CNG Use: Facilitate private sector participation, revise regulatory frameworks to cut costs, and intensify public awareness campaigns to promote CNG adoption.