How PH, Warri Refineries Will Drive Down Petrol Prices – PETROAN

PETROAN explains how the revival of Port Harcourt and Warri refineries is expected to significantly reduce petrol prices across Nigeria.

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) claims that petrol prices are expected to decrease as a result of the Federal Government’s revival of the Port Harcourt and Warri refineries.

In a statement released on Saturday, PETROAN’s National Public Relations Officer, Dr. Joseph Obele, announced that despite earlier skepticism, the refineries are “now fully operational.” He added that PETROAN members are actively loading petroleum products such as DPK, AGO, and PMS.

“The revival of these refineries has ignited fierce competition, anticipated to reduce petroleum prices. With Nigerians calling for lower PMS costs, it’s evident that competition plays a vital role in initiating price decreases,” the statement noted.

He pointed out that revitalizing the facilities offers numerous benefits, such as eliminating adulterated diesel and kerosene from the market.

He expressed regret that the lack of operational refineries over the years resulted in an increase in counterfeit petroleum products, which posed significant risks to consumers.

Obele mentioned that the demand for counterfeit products has declined since original diesel and kerosene have become more accessible, which has also lowered the risk of explosions and equipment damage.

The operation of the refineries has also helped reduce crude oil theft, which previously hampered Nigeria’s ability to meet OPEC production targets. With an increase in crude oil production, Nigeria is anticipated to boost its revenue and stabilize the naira.

“The rejuvenated refineries have generated job opportunities, transforming once-abandoned depots into hubs of activity. In addition, the host communities are gaining from empowerment programs anticipated to positively influence regional insecurity and crime rates,” he stated.

PETROAN indicates that making the Port Harcourt and Warri refineries operational is anticipated to stimulate Nigeria’s economic growth. This will be achieved by enhancing the availability of petroleum products, decreasing reliance on imports, and generating extra revenue for the government.

He mentioned that the situation would positively influence the country’s Gross Domestic Product (GDP) and its overall economic development.

Furthermore, the operation of the refineries will bolster Nigeria’s energy security by decreasing foreign exchange pressure and establishing a reliable supply chain for petroleum products. This development is expected to positively impact multiple economic sectors such as transportation, manufacturin