The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has welcomed the petroleum and energy-related messages contained in President Bola Ahmed Tinubu’s Independence Day address, describing them as an indication of the Federal Government’s continued focus on using Nigeria’s natural resources to support economic growth and improve the lives of Nigerians.
The National President of PETROAN, Dr. Billy Gillis-Harry, particularly welcomed the President’s statement that “we will use our gas to power new industries. He said Nigeria’s gas resources can provide the energy needed to power industries, create jobs, reduce the cost of production and improve the competitiveness of Nigerian businesses.
PETROAN also welcomed the President’s statement that oil theft has reduced, noting that sustained progress in this area can support increased crude oil production, improve government revenue and strengthen confidence in the petroleum sector.Dr. Gillis-Harry said the President’s emphasis on reducing the cost of production is particularly important because energy costs have a direct impact on transportation, manufacturing, agriculture and other productive activities. He stressed that the transition from economic reforms to what the President described as the “age of prosperity” must ultimately be reflected in the real economy and in the daily lives of Nigerians.
PETROAN CALLS FOR RESTART OF GOVERNMENT REFINERIES
Against this background, PETROAN is calling on President Tinubu to direct the management of the Nigerian National Petroleum Company Limited (NNPCL) to take urgent steps towards restarting and sustainably operating the nation’s government-owned refineries before the January election period.
Dr. Gillis-Harry said prolonged refinery inactivity has affected businesses, workers, contractors, transport operators and communities whose livelihoods depend on the petroleum value chain.
According to him, returning the refineries to productive operation would increase domestic refining capacity, strengthen energy security, create economic opportunities and make better use of Nigeria’s existing national assets.
“This is not simply about restarting refineries. It is about putting national assets back to work for Nigerians,” he said.PETROAN further noted that increased domestic refining capacity, alongside privately owned refineries, could create a more competitive downstream market.
Greater competition could encourage efficiency and improve product availability, while potentially putting downward pressure on petroleum-product prices. However, the Association noted that prices would continue to depend on factors such as crude oil supply costs, exchange rates, taxes and logistics.
SUSTAINABLE REFINING REQUIRES A WORKING SUPPLY CHAIN
PETROAN stressed that refinery revival must be supported by reliable crude oil supply, efficient operations and effective distribution of petroleum products.
The Association also acknowledged the President’s reaffirmation of the administration’s economic reforms and its position against what he described as “addictive subsidies.”
Dr. Gillis-Harry said the priority should now be to build a sustainable petroleum market that protects consumers, encourages investment and allows legitimate businesses to operate within a transparent and predictable environment. He called for stronger cooperation among the Federal Government, NNPCL, regulatory agencies, refinery operators, petroleum marketers and other industry stakeholders.
PETROAN welcomed the President’s declaration that “the age of reform has done its work. Now begins the age of prosperity,” and urged the Federal Government to ensure that this new phase delivers tangible benefits across the petroleum sector and the wider economy.
“Nigerians want to see the benefits of our natural resources in their businesses, their jobs, their transportation costs and their everyday lives. A functioning domestic refining sector can be an important part of achieving that,” Dr. Gillis-Harry said.
PETROAN remains committed to supporting policies that promote energy security, strengthen domestic refining, improve petroleum-product distribution, encourage investment and ensure that Nigeria’s oil and gas resources create greater value for the Nigerian people.
