The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has stated that its members have since
commenced the lifting of petroleum products from the Port Harcourt and Warri refineries in Rivers and Delta states respectively.
The association debunked previous doubts that the refineries owned by the Nigerian National Petroleum Company Limited (NNPCL) were not fully operational.
PETROAN’s spokesman, Joseph Obele, disclosed this in a statement over the weekend, saying, “PETROAN members are now loading petroleum products, including Dual-Purpose Kerosene, Automotive Gas Oil, and Premium Motor Spirits.”
According to him, the renovation of the two refineries has sparked intense competition that could lower the price of fuel.
“The resurgence of these refineries has sparked intense competition, expected to drive down petroleum prices. As Nigerians advocate for lower PMS prices, it is clear that competition is a crucial factor in triggering price reductions.
“The refineries’ revitalisation has brought numerous benefits, including the eradication of adulterated diesel and kerosene from the market,“ he explained.
Obele recalled that the absence of functional refineries led to a proliferation of fake petroleum products, posing significant risks to consumers.
“With the availability of original diesel and kerosene, the demand for fake products has decreased, reducing the risk of explosions and equipment damage.
“The refineries’ functionality has also contributed to a decrease in crude oil theft, which has hindered Nigeria’s ability to meet OPEC production targets. As crude oil production increases, Nigeria is expected to generate more revenue and stabilise the naira,” he stated.
The National President of PETROAN, Billy Gillis-Harry, had earlier advised host communities and PETROAN members to support the goal attainment and actualisation of the Port Harcourt and Warri refineries, emphasising the importance of collaboration in ensuring the refineries’ continued success.
