The Petroleum Products Retail Outlets Owners Association of Nigeria has called on the Federal Government of Nigeria to channel gains from the recent surge in global oil prices into investments in the country’s gas infrastructure.
Dr Billy Gillis-Harry, the association’s National President, made the remarks in an interview with the News Agency of Nigeria on Sunday, responding to the implications of escalating tensions in the Middle East and rising crude oil prices for Nigeria.
Gillis-Harry said the anticipated windfall from higher oil prices offers an opportunity to prioritise long-term energy infrastructure projects rather than immediate spending.
“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,” he stated.
He also praised the Federal Government’s initiative to expand the use of Compressed Natural Gas (CNG) as a cheaper alternative fuel for transportation, describing the ongoing gas revolution as a strategic step to reduce pressure on commuters facing rising transport costs.
“What we should be talking about now is how to provide relief for commuters. The gas revolution being promoted by the government is a step in the right direction,” he said.
Gillis-Harry highlighted that expanding gas infrastructure would allow petroleum marketers to establish more CNG daughter stations while ensuring sufficient mother stations for supply and distribution across the country.
Nigeria’s 2026 budget is based on a crude oil benchmark of $64.85 per barrel. However, geopolitical tensions in the Middle East have pushed global oil prices above $100 per barrel, potentially generating additional revenue for oil-producing nations.
Despite this, Nigeria’s oil production has declined. According to the latest data from the Organisation of Petroleum Exporting Countries, Nigeria’s crude oil output fell by 10.67 per cent to 1.31 million barrels per day in February 2026, below the Federal Government’s 2.6 million bpd target and 1.8 million bpd budget assumption.
Gillis-Harry noted that PETROAN is well-positioned to support the nationwide gasification drive, with its members operating over 8,000 filling stations, mainly across Southern and North-Central Nigeria.
“We are going to pay a courtesy visit to the P-CNGI board to discuss how PETROAN can contribute its quota to ensure that the gasification process succeeds,” he said.
The push aligns with President Bola Tinubu’s directive to the Presidential Initiative on Compressed Natural Gas (PiCNG) to deploy 100,000 vehicle conversion kits nationwide as part of efforts to cushion rising petrol prices and expand access to affordable fuel alternatives.
However, reports by Nairametrics suggest that despite attracting over $2 billion in private sector investments over the past two years, the initiative has struggled to meet expectations.
