Dr. Billy Gillis-Harry, National President of PETROAN, made the appeal in an interview with the News Agency of Nigeria (NAN) on Sunday, responding to the implications of rising oil prices and ongoing tensions in the Middle East. The conflict involving Iran, Israel, and the United States has disrupted global energy supply, driving crude oil prices above $100 per barrel.
According to Gillis-Harry, the expected windfall from higher oil prices presents an opportunity for Nigeria to prioritize long-term energy infrastructure over immediate spending. “Excess oil revenue above the budget benchmark should be invested in infrastructure and energy value chains rather than spent immediately,” he said.
Supporting the Gas Revolution
Gillis-Harry also expressed support for the Federal Government’s initiative to expand the use of Compressed Natural Gas (CNG) as a more affordable transportation fuel. He described the ongoing gas revolution as a strategic move to ease rising transport costs for commuters.
“What we should be talking about now is how to provide relief for commuters. The gas revolution being promoted by the government is a step in the right direction,” he added.
He emphasized that expanding gas infrastructure would enable petroleum marketers to establish more CNG daughter stations while ensuring sufficient mother stations for gas supply and distribution across the country.
Budget Context and Production Challenges
Nigeria’s 2026 budget is based on a crude oil benchmark of $64.85 per barrel, but geopolitical tensions have pushed global prices well above this level, creating prospects for additional revenue. However, the potential windfall may be limited by declining production. Data from the Organisation of Petroleum Exporting Countries (OPEC) show that Nigeria’s crude oil output fell by 10.67% to 1.31 million barrels per day (bpd) in February 2026, below the government’s 2.6 million bpd benchmark for the year.
PETROAN’s Role in Gas Expansion
PETROAN is positioning itself to support the nationwide gasification drive. The association operates over 8,000 filling stations, predominantly in the Southern and North-Central regions. Gillis-Harry confirmed plans to meet with the Presidential Initiative on Compressed Natural Gas (PiCNG) board to explore collaboration in scaling up the gas infrastructure.
President Bola Tinubu recently directed PiCNG to deploy 100,000 vehicle conversion kits nationwide to promote CNG as a cheaper alternative to petrol. Despite attracting more than $2 billion in private sector investments over the past two years, reports suggest the initiative has struggled to meet expectations.
By prioritizing investment in gas infrastructure, PETROAN believes Nigeria can turn the current oil windfall into sustainable energy solutions that reduce transport costs and strengthen the nation’s energy value chain.