The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the Federal Government to utilize the revenue surplus generated from high global crude oil prices to fund critical gas infrastructure and the domestic refining sector.
Speaking on March 15, 2026, PETROAN National President Dr. Billy Gillis-Harry emphasized that the current international market volatility driven by the escalating conflict involving Iran, Israel, and the United States—presents a fiscal windfall that must be strategically reinvested.
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Global crude oil prices have surged to a range between $92 and $100 per barrel, nearly double the Nigeria 2026 budget benchmark of $64.9 per barrel.
Gillis-Harry argued that rather than immediate expenditure, the government should channel these excess funds into the “gas revolution,” specifically expanding infrastructure for Compressed Natural Gas (CNG).
He noted that such investment would allow marketers to establish more CNG daughter stations, providing a cheaper energy alternative for commuters and reducing the economic pressure caused by rising petrol prices, which currently exceed ₦1,000 per litre in many regions.
Beyond gas, the association urged the government to prioritize the revitalization of the nation’s four state-owned refineries and strengthen the Sovereign Wealth Fund.
PETROAN’s stance is that domestic refining capacity and robust gas infrastructure are the only viable shields against global market shocks that threaten to push local fuel prices as high as ₦2,000 per litre if disruptions in the Middle East persist.
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Strengthening the “Naira-for-Crude” policy and adopting governance models similar to Nigeria LNG (NLNG) for state refineries were also highlighted as essential steps to ensure long-term energy security and price stability.
Source : Nairametrics
