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Naija News • 2h ago

FG told to invest oil price gains in gas Infrastructure

FG told to invest oil price gains in gas Infrastructure
**FG Told to Invest Oil Price Gains in Gas Infrastructure, Boost CNG Use** As global oil prices continue to soar due to tensions in the Middle East, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged the Federal Government to utilize the extra revenue to invest in Nigeria's gas infrastructure. This, according to PETROAN's National President, Dr. Billy Gillis-Harry, will enable the country to reap long-term benefits from the increased oil price. Gillis-Harry, who spoke to the News Agency of Nigeria (NAN) on Sunday, emphasized that Nigeria should not spend the extra revenue on immediate expenses but rather invest it in critical infrastructure. He pointed out that investing in gas infrastructure will allow petroleum marketers to establish more Compressed Natural Gas (CNG) stations across the country, providing commuters with cheaper fuel alternatives. The idea of investing in CNG is not new in Nigeria. The Federal Government has been promoting its use as a cheaper fuel for transport, especially in light of rising transport costs. With Nigeria's 2026 budget based on a crude oil price of $64.85 per barrel, the current price above $100 per barrel presents an opportunity to earn extra revenue. However, Nigeria's oil production has been declining, and according to OPEC, the country's crude production fell by 10.67% to 1.31 million barrels per day in February 2026. PETROAN, which operates over 8,000 filling stations across the country, plans to work with the government to implement the CNG initiative. This move is expected to reduce the impact of high petrol prices and provide commuters with affordable fuel options. As Nigeria continues to explore ways to boost its energy sector, investing in gas infrastructure is seen as a crucial step towards achieving this goal.
Source: Original Article • AI-enhanced version for clarity & Nigerian context

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