The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has asked the Federal Government to privatise state-owned refineries, requesting a one hundred billion naira grant from President Bola Tinubu to help oil marketers stay afloat. 

In a statement over the weekend, the association listed several groundbreaking moves in the sector in the outgone year.

But it recommended the privatisation of Nigerian-owned refineries, such as the Warri and Kaduna refineries, to reputable private companies to improve efficiency and reduce government spending.

PETROAN in a statement signed by its President Billy Gillis-Harry, national secretary Adedibu Aderibigbe, and spokesman Joseph Obele, said the grant request is to avoid the closure of oil marketers’ businesses.

This, according to the statement, would help prevent the closure of ten thousand marketers’ businesses. 

The request is in response to the threat of job losses that would result from the removal of the fuel subsidy.