The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has disclosed that its members are now loading petroleum products from the Port Harcourt and Warri refineries, stating that the prices of these products may soon drop amid its availability in the market.
PETROAN said this is contrary to previous doubts that the refineries owned by the Nigerian National Petroleum Company Limited were not fully operational.
PETROAN’s spokesman, Joseph Obele, disclosed this in a statement on Saturday, saying, “PETROAN members are now loading petroleum products, including Dual-Purpose Kerosene, Automotive Gas Oil, and Premium Motor Spirits.”
He stated that the Port Harcourt refinery is already selling petrol, diesel and kerosene to retailers while the Warri refinery is supplying only diesel and kerosene.
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,“ Obele said.
He stressed 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, was quoted as saying that social empowerment programmes for oil-producing host communities align with the provisions of the Petroleum Industry Act and the Nigeria Local Content Act.
Harry commended the Managing Director of the Nigerian National Petroleum Company Retail Ltd, Mr Hubb Stockman, “for promoting a sense of belonging among host community members.”
He advised members of the 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.
“The operationalisation of the Port Harcourt and Warri refineries is also expected to boost Nigeria’s economic growth by increasing the availability of petroleum products, reducing dependence on imports, and generating additional revenue for the government. This, in turn, will have a positive impact on the country’s GDP and overall economic development.
“Additionally, the refineries’ functionality will also enhance Nigeria’s energy security, reduce the pressure on foreign exchange, and create a stable supply chain for petroleum products. This will have a ripple effect on various sectors of the economy, including transportation, manufacturing, and agriculture, ultimately leading to improved economic productivity and competitiveness,” the statement concluded.
