The Petroleum Products Retail Outlets Owners of Nigeria (PETROAN) has called on the Federal Government to utilize the current surge in global oil prices to invest in Nigeria’s gas infrastructure. Dr. Billy Gillis-Harry, National President of PETROAN, stated that excess oil revenue above the budget benchmark should be invested in infrastructure and energy value chains rather than immediate spending.

This call comes as geopolitical tensions in the Middle East have pushed crude oil prices above $100 per barrel, significantly higher than Nigeria’s 2026 budget benchmark of $64.85 per barrel. Despite this potential windfall, Nigeria's crude oil production has declined, falling to 1.31 million barrels per day in February 2026, according to OPEC data.

Gillis-Harry also expressed support for the Federal Government's Compressed Natural Gas (CNG) initiative, viewing it as a strategic move to alleviate the financial burden on commuters facing rising transport costs. He noted that expanding gas infrastructure would enable petroleum marketers to establish more CNG daughter stations and ensure adequate supply and distribution across the country.

Meanwhile, the Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to investigate an alleged N5.9 billion expenditure on the rebranding of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL). SERAP requested that the Attorney General of the Federation and anti-corruption agencies probe the spending to ensure transparency and accountability.

The organization highlighted that the alleged N5.9 billion was reportedly sourced from petroleum product proceeds (N2.9 billion) and crude oil revenue via NAPIMS (N2.9 billion). This demand for investigation follows recent scrutiny of NNPCL by lawmakers over alleged financial irregularities, including discrepancies in audited financial statements and accrued expenses.