Abuja, Nigeria – The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) urged the Federal Government to invest extra revenue from high global oil prices into gas infrastructure. PETROAN made this call amid Middle East tensions driving crude prices above $100 per barrel. Nigeria sits in West Africa and relies heavily on oil exports.
Dr. Billy Gillis-Harry, PETROAN’s National President, shared this view in an interview with the News Agency of Nigeria on Sunday. He spoke at 6:35 PM West Africa Time, or GMT+1. The group backs the government’s push for Compressed Natural Gas, or CNG, as a cheaper fuel option.
Okay News reports that Gillis-Harry sees this as a chance to build long-term energy systems. He said, “This aligns with my view that excess oil revenue above the budget benchmark should be invested in infrastructure and energy value chains rather than spent immediately.” The plan would help set up more CNG stations nationwide.
Nigeria’s 2026 budget uses a $64.85 per barrel oil benchmark. Current prices exceed $100, about 75,000 naira at 1,500 naira per dollar. However, output fell to 1.31 million barrels per day in February, per the Organisation of Petroleum Exporting Countries, or OPEC.
PETROAN runs over 8,000 filling stations across Nigeria’s south and north-central areas. The group plans a visit to the Presidential Initiative on Compressed Natural Gas, or PiCNG, board. President Bola Tinubu ordered 100,000 CNG vehicle kits to cut transport costs.
Higher oil prices could ease commuter burdens through gas expansion. Yet, production drops limit gains. Leaders now focus on gasification to secure energy access.
