PETROAN Urges Competitive Market in Nigeria's Oil Sector

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), represented by National President Dr Billy Gillis-Harry, cautioned against allowing a single company to dominate Nigeria’s petroleum supply and distribution chain. Speaking at the second annual conference of the Association of Energy Correspondents of Nigeria (AECAF) in Abuja, Gillis-Harry emphasized the need for an open and competitive market to ensure affordable and transparent pricing.

He praised Alhaji Aliko Dangote for his significant investment in a refinery, which he deemed a source of pride for Nigeria and Africa. However, he stressed the importance of involving multiple players in the oil and gas sector to foster economic growth and enhance the country's Gross Domestic Product (GDP).

Gillis-Harry mentioned upcoming refineries, including the 25,000-barrel-per-day Azikel Refinery in Bayelsa State and the BUA refinery, which would increase local refining capacity and promote competition. He warned against the risks of monopolization, stating that it could hinder the economic contributions of numerous operators in the industry.