PETROAN Advocates for Investment in Gas Infrastructure

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has called on the federal government to channel the financial gains from the current surge in global oil prices into developing Nigeria's gas infrastructure. Dr. Billy Gillis-Harry, the president of PETROAN, expressed this viewpoint in an interview with the News Agency of Nigeria (NAN) on Sunday, reacting to the implications of the ongoing Middle East crisis, which has driven oil prices above $100 per barrel.

He highlighted that the higher oil prices present an opportunity for Nigeria to invest in long-term energy infrastructure instead of spending the additional revenue immediately. Gillis-Harry supported the government's initiative to expand the use of compressed natural gas (CNG) as a cheaper alternative fuel for transportation, noting that expanding gas infrastructure would enable the establishment of CNG filling stations across the country.

The 2026 budget is based on a crude oil benchmark of $64.85 per barrel, while the government has set an oil production benchmark of 2.6 million barrels per day.