Nigeria’s inflation falls to 15.06%, but monthly cost of living surges. PETROAN urges FG to invest oil revenue in nationwide gas infrastructure

Nigeria’s inflation rate has declined to 15.06%, yet rising monthly expenses continue to cause concern for households nationwide.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the Federal Government to channel extra revenue from rising global oil prices into developing Nigeria’s gas infrastructure.

Dr. Billy Gillis-Harry, PETROAN’s National President, highlighted that investing oil windfalls in long-term energy infrastructure is more sustainable than immediate spending.

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He emphasized that expanding Compressed Natural Gas (CNG) usage across the country would reduce transport costs, improve fuel access, and help petroleum marketers establish more CNG stations.

Nigeria’s 2026 budget assumes a crude oil price of $64.85 per barrel. Current global tensions have pushed oil prices above $100 per barrel, presenting opportunities for additional revenue.

However, declining oil production, which fell by 10.67% to 1.31 million barrels per day in February 2026 according to OPEC, may limit these gains.

The Federal Government, through the Presidential Initiative on Compressed Natural Gas (PiCNG), aims to roll out 100,000 vehicle conversion kits to encourage nationwide CNG adoption.

Despite this, the initiative has faced implementation challenges, even with over $2 billion in private investment over the past two years.

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PETROAN, operating over 8,000 filling stations mainly in the South and North-Central regions, plans to support the initiative to expand affordable fuel access and help households cope with rising transport and living costs.