PETROAN Sees Lower Petrol Prices as Port Harcourt, Warri Refineries Come on Stream

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) says the revival of the Port Harcourt and Warri refineries by the Federal Government will lead to a crash in petrol prices.

According to PETROAN’s National Public Relations Officer, Dr. Joseph Obele, the refineries are now fully operational, with PETROAN members loading petroleum products, including DPK, AGO, and PMS.

“The resurgence of these refineries has sparked intense competition, which is 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,” Obele said in a statement obtained by Persecondnews on Saturday.

He noted that the revitalization of the facilities has numerous benefits, including the eradication of adulterated diesel and kerosene from the market.

According to him, the demand for fake products has decreased with the availability of original diesel and kerosene, a situation that has also reduced 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 stabilize the naira,” Obele said.

He added:”The operationalization 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.

“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.”