PETROAN Seeks ₦100bn Grant to Rescue Oil Marketers

[toluwalopesong]

PETROAN Seeks ₦100bn Grant to Rescue Oil Marketers

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the federal government to provide a ₦100 billion grant to prevent the collapse of businesses owned by over 10,000 oil marketers across the country. This appeal comes amidst rising operational costs and dwindling profit margins in the downstream oil sector, threatening the sustainability of these businesses.

According to PETROAN, the grant would serve as a lifeline to stabilize the operations of independent marketers, many of whom are struggling to remain afloat. The association highlighted the impact of fuel subsidy removal, increased logistics costs, and fluctuating exchange rates as key challenges eroding profit margins and putting immense pressure on small and medium-sized operators in the sector.

Speaking during a press briefing, PETROAN's President, Dr. Billy Gillis-Harry, stressed the urgency of the situation. "Without immediate intervention, we risk losing thousands of jobs and disrupting the supply chain of petroleum products nationwide," he warned. He added that the grant would be used to upgrade infrastructure, improve operational efficiency, and ensure that petroleum products remain accessible and affordable for Nigerians.

In response, stakeholders have expressed mixed reactions to the proposal. While some industry experts support the idea as a necessary measure to protect the downstream sector, others argue that the government should focus on creating a more competitive market environment rather than providing financial bailouts.

As PETROAN continues to engage with policymakers, the outcome of this request could significantly influence the future of Nigeria's downstream oil industry. The association remains optimistic that the government will prioritize the sector's stability, recognizing its critical role in the nation's economy.