Revamped Port Harcourt, Warri refineries to drive down petrol prices – PETROAN

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has expressed confidence that the recent revival of the Port Harcourt and Warri refineries by the Federal Government will lead to a significant reduction in petrol prices across the country.

According to PETROAN, the refineries are now fully operational, with its members actively loading petroleum products such as Dual Purpose Kerosene (DPK), Automotive Gas Oil (AGO), and Premium Motor Spirit (PMS).

In a statement issued on Saturday, PETROAN’s National Public Relations Officer, Dr. Joseph Obele, emphasized that despite initial skepticism, the refineries are now functioning optimally, ensuring a steady supply of petroleum products.

“The return of these refineries has intensified competition in the sector, which will naturally drive down fuel prices. As Nigerians demand lower PMS costs, it is evident that increased market competition plays a key role in price reduction,” the statement read.

Dr. Obele highlighted the broader benefits of the refineries’ revival, including the elimination of adulterated diesel and kerosene from the market. He lamented that the prolonged absence of functional refineries had allowed substandard petroleum products to flourish, endangering consumers.

He further noted that the availability of genuine diesel and kerosene has curbed the demand for counterfeit products, thereby reducing the risks of explosions and equipment damage.

Additionally, Obele pointed out that the refineries’ operation has contributed to a decline in crude oil theft, a major challenge that has hampered Nigeria’s ability to meet its OPEC production targets. With improved crude oil output, the country is expected to generate more revenue and enhance the stability of the naira.

“The renewed activities in these refineries have also created job opportunities, reviving previously abandoned depots. Host communities are witnessing increased economic activities and empowerment programs, which are expected to help mitigate insecurity and crime rates,” he added.

PETROAN further stated that the functional refineries will strengthen Nigeria’s economy by boosting the availability of petroleum products, reducing reliance on imports, and increasing government revenue.

Dr. Obele also underscored that the refineries’ operations will enhance Nigeria’s energy security, ease pressure on foreign exchange, and ensure a stable petroleum supply chain. This, in turn, will have a positive impact on critical sectors such as transportation, manufacturing, and agriculture, ultimately driving economic growth and competitiveness.