Lagos: The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says proceeds from the current gains in the oil sector could serve as a local funding source for investments in gas infrastructure across the country.
According to News Agency of Nigeria, Dr. Billy Gillis-Harry, National President of PETROAN, in an interview emphasized that the anticipated oil windfall should be channeled into expanding Compressed Natural Gas (CNG) infrastructure and supporting Nigeria’s gasification drive. The backdrop of this suggestion arises as the United States and its ally, Israel, are leading a conflict against Iran over nuclear capabilities, causing tension and a surge in crude oil prices in the international oil market.
Gillis-Harry highlighted the importance of investing excess oil revenue above the budget benchmark in infrastructure and energy value chains rather than spending it immediately. He expressed support for the Federal Government’s initiative to expand CNG usage as a cheaper alternative fuel for transportation, describing the ongoing gas revolution as a strategic step to provide relief for commuters facing rising transportation costs.
He commended President Bola Tinubu for approving funding for the distribution of 100,000 CNG conversion kits to accelerate the adoption of gas-powered vehicles across the country. Gillis-Harry noted this initiative would help reduce dependence on petrol and lower transportation costs for Nigerians, emphasizing the need to focus on providing relief for commuters.
The PETROAN President explained that investments in CNG infrastructure could enable petroleum marketers to establish more CNG daughter stations and ensure the availability of mother stations needed to supply gas for distribution. PETROAN, with its over 8,000 filling stations across Nigeria, is well-positioned to support the nationwide gasification drive, especially with many stations located in the Southern and North-Central parts of the country.
Gillis-Harry added that the association plans to engage with the Presidential Compressed Natural Gas Initiative and Electric Vehicles (P-CNGI and EVs) to explore collaborative efforts to ensure the success of the government’s gas expansion program. He emphasized that strengthening CNG infrastructure would not only reduce fuel costs but also improve energy security and promote cleaner transportation.