Revival Of Port Harcourt, Warri Refineries Will Lead To A Drop In Petrol Prices – PETROAN

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has announced that the revival of the Port Harcourt and Warri refineries will significantly decrease petrol prices nationwide.

In a statement issued on Saturday, PETROAN’s National Public Relations Officer, Dr. Joseph Obele, confirmed that the refineries are now fully operational, with members of PETROAN actively loading petroleum products such as DPK, AGO, and PMS.

Obele explained that the reactivation of the refineries has sparked fierce competition, which is expected to reduce fuel prices.

He emphasized that as Nigerians call for lower PMS prices, competition is proving to be a key driver of price cuts.

“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,” the statement partly read.

The revitalization, Obele said, brings several advantages, including the elimination of counterfeit diesel and kerosene from the market.

He regretted that the lack of functioning refineries in previous years had led to the spread of fake petroleum products, which put consumers at significant risk.

PETROAN’s National Public Relations Officer also highlighted that the availability of genuine products has diminished the demand for counterfeit diesel and kerosene, reducing the potential for explosions and equipment damage.

In addition, Obele pointed out that the operational refineries have helped curb crude oil theft, which had previously hindered Nigeria from meeting OPEC production targets. As oil production rises, he noted that Nigeria stands to generate more revenue and stabilize the naira.

“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.

“The revitalized refineries have created job opportunities, with deserted depots now bustling with activity. The host communities are also benefiting from empowerment programs, which are expected to positively impact insecurity and crime rates in the region,” he said.

The revitalized refineries have also contributed to job creation, with previously idle depots now becoming active hubs of economic activity.

Empowerment programs benefit host communities and are expected to affect local security and reduce crime rates positively.

According to PETROAN, the successful operation of the Port Harcourt and Warri refineries will boost Nigeria’s economic growth by increasing the availability of locally produced petroleum products, decreasing reliance on imports, and generating additional revenue for the government.

This will, in turn, positively impact the country’s GDP and overall economic development.

Furthermore, Obele pointed out that the functioning refineries will enhance Nigeria’s energy security, ease pressure on foreign exchange, and ensure a more stable supply chain for petroleum products.

“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,” he concluded.