Marketers Demand Sale of Nigeria’s Two Refineries as Petrol Prices Change
- Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has requested the privatisation of Warri and Kaduna refineries
- The association said the move would boost gains in the downstream petroleum industry
- PETROAN also demanded that the government release an N100 billion grant to local businesses to cushion the effects of subsidy removal
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has asked the Nigerian government to privatise government-run refineries, allow competition, and boost transparency, accountability and investment in infrastructure to enhance operations in the downstream sector.
The marketers asked the government to privatise Warri and Kaduna refineries.
Source: UGC
PETROAN demands investment in CNG
They also asked the government to enforce local content development, boost the effectiveness of compressed natural gas (CNG) in 2025, and combat smuggling.
PETROAN further requested that the Nigerian government prioritise access to crude oil and give an N100 billion grant to salvage 10,000 businesses affected by the subsidy removal.
Punch reports that the organisation made the demand in its 2024 retrospective and outlook document, released on Saturday, January 4, 2024.
PETROAN demands N100bn grant to businesses
It listed its other needs to boost gains in the downstream petroleum industry, saying privatisation will improve efficiency and limit spending.
According to the document, the move will positively impact the country’s economy by reducing reliance on imported petroleum products.
“PETROAN requests a grant of N100bn from President Bola Tinubu to help prevent the closure of 10,000 marketers’ businesses. The request is in response to the threat of job losses resulting from removing the fuel subsidy,” the document said.
Marketers explain the reason for new petrol cost
Legit.ng earlier reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed that intense competition among Nigerian refineries is the reason for the petrol price crash.
Checks reveal that as of December 29, 2024, several petrol stations have slashed their pump prices due to the drop in ex-depot prices.
Reports say while the NNPC sells petrol at N955 per litre, independent marketers crashed theirs to N1,020.
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Source: Legit.ng
