They also urged the government to invest in infrastructure to strengthen the operations of the downstream petroleum sector.
In particular, the marketers called for the privatisation of Warri and Kaduna refineries which currently have a combined capacity of 125,000 barrels per day.
They also emphasised the need for the government to enforce local content development, enhance the effectiveness of Compressed Natural Gas (CNG) by 2025, and combat the smuggling of petroleum products.
Additionally, the oil marketers urged the government to prioritise improving access to crude oil for local refineries and recommended a N100 billion grant to support 10,000 businesses affected by the removal of fuel subsidy.
These recommendations were outlined in PETROAN’s 2024 retrospect and 2025 outlook document, released on Saturday in Abuja.
The report, signed by PETROAN’s National President Billy Gillis-Harry, National Secretary Adedibu Aderibigbe, and National Public Relations Officer, Dr. Joseph Obele, stressed the importance of privatising the refineries to enhance efficiency and reduce government expenditure.
PETROAN highlighted that privatisation would foster a competitive market, encouraging new entrants and creating a level playing field to avoid monopolies and ensure fair pricing.
The organisation also called for a robust monitoring and evaluation framework to ensure compliance with regulatory standards and for continued investment in infrastructure, such as refineries, pipelines, and storage facilities, to reduce reliance on imported petroleum products.
The marketers also advocated increased support for indigenous companies and incentives for research and development in the downstream sector.
They urged the government to encourage private sector participation to increase access to funding and expertise, while reviewing regulatory frameworks to reduce operational costs and attract investment.
Continuing, PETROAN called for greater stakeholder engagement and awareness campaigns to promote the adoption of CNG, as well as collaboration with neighboring countries to prevent smuggling and improve border security. They also proposed the use of digital tracking systems to monitor petroleum products from refineries to retail outlets.
In their report, PETROAN stressed that prioritising access to crude oil for local refineries would boost Nigeria’s refining capacity and enhance energy security.
Looking back at 2024, PETROAN acknowledged significant achievements in the sector, including the deregulation of the market, the construction of new infrastructure, the rehabilitation of the Port Harcourt refinery, and the operational launch of the Dangote Refinery.
The marketers noted that Dangote Refinery’s competitive pricing initially pressured the NNPC Limited to adjust its pricing strategy, resulting in more stable and lower prices for consumers.
However, PETROAN also urged the government to address ongoing challenges, such as vandalism, inadequate infrastructure, the limited number of CNG stations, inefficient distribution networks, and the high operating costs associated with compressing and transporting natural gas.
