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PETROAN has urged the Nigerian government to sell the Warri and Kaduna refineries to private firms.
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This was disclosed this in a statement on Saturday titled, ‘Retrospect of Nigeria’s Oil and Gas Downstream Sector in 2024′,
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PETROAN explained that the Nigerian government needs to sell the refineries to a reputable firm to guarantee a successful 2025 in the downstream sector.
The Petroleum Products Retail Outlets Owners Association of Nigeria has advised the Federal Government to privatise the Warri and Kaduna refineries.
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In a statement titled ‘Retrospect of Nigeria’s Oil and Gas Downstream Sector in 2024′, the association noted that the refineries’ privatisation would guarantee a successful 2025 in the downstream sector.
According to the association, the privatisation of the 125,000 barrels per day Warri Refinery and 110,000 barrels per day Kaduna Refinery would attract reputable private companies, thereby improving efficiency and reducing government spending.
“Privatise Nigerian-owned refineries, such as the Warri and Kaduna refineries, to reputable private companies to improve efficiency and reduce government spending,” the statement read.
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The association’s National President, Billy Gillis-Harry, also called on President Bola Tinubu’s administration to consider its request for N100 billion in intervention funds to prevent filling stations from shutting down over harsh economic realities.
“PETROAN requests a grant of N100 billion from President Bola Tinubu to help prevent the closure of 10,000 marketers’ businesses,” the statement added.
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There are strong indications that the price of Premium Motor Spirit (PMS), popularly known as petrol, may crash to as low as N500 per litre in 2025.
This projection is anchored on key developments within Nigeria’s downstream petroleum sector, including the Federal Government’s deregulation policy.
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