Revival of Port Harcourt, Warri refineries will help 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 lead to a significant reduction in petrol prices across the country.
In a statement released on Saturday, PETROAN’s National Public Relations Officer, Dr. Joseph Obele, confirmed that both refineries are now fully operational, with PETROAN members actively loading petroleum products, including DPK, AGO, and PMS.
Obele explained that the restoration of these refineries has intensified market competition, which is expected to drive down fuel prices. He noted that as Nigerians demand lower PMS prices, competition remains a key factor in achieving cost reductions.
“The revival of these refineries has created fierce competition, which will naturally lead to lower petroleum prices. As Nigerians continue to push for reduced fuel costs, it is evident that competition plays a crucial role in achieving price cuts,” the statement read in part.
Obele highlighted several benefits of the refinery revitalization, including the elimination of counterfeit diesel and kerosene from the market. He lamented that in previous years, the absence of functional refineries had led to the proliferation of fake petroleum products, endangering consumers.
He further noted that the availability of genuine products has significantly reduced the demand for substandard diesel and kerosene, lowering the risk of explosions and equipment damage.
Additionally, Obele pointed out that the resumption of refinery operations has helped curb crude oil theft, which previously hampered Nigeria’s ability to meet OPEC production targets. With increased oil production, Nigeria is expected to generate more revenue and stabilize the naira.
“The operational refineries have helped reduce crude oil theft, a major challenge that has hindered Nigeria from meeting its OPEC production targets. As crude oil output rises, the country stands to earn more revenue and strengthen the naira,” he stated.
The revival of these refineries has also led to job creation, with previously idle depots now bustling with activity. Obele added that host communities are benefiting from empowerment programs, which are expected to improve security and reduce crime rates in the region.
According to PETROAN, the successful operation of the Port Harcourt and Warri refineries will boost Nigeria’s economy by increasing the availability of locally produced petroleum products, reducing dependence on imports, and generating additional government revenue. This, in turn, will contribute to GDP growth and overall economic development.
Furthermore, Obele emphasized that the functioning refineries will enhance Nigeria’s energy security, ease pressure on foreign exchange reserves, 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.
