Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has announced that its members have begun loading petroleum products from Port Harcourt and Warri refineries.
Joseph Obele, PETROAN’s spokesman made the announcement in a statement on Saturday.
Obele said the loading has doused previous doubts that the refineries owned by Nigerian National Petroleum Company Limited (NNPC) were not fully operational.
He said, “PETROAN members are now loading petroleum products, including Dual-Purpose Kerosene, Automotive Gas Oil, and Premium Motor Spirits.”
“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.”
The spokesman said lack of functional refineries resulted in the widespread circulation of counterfeit petroleum products, and put consumers at serious risk.
He added that with the availability of genuine diesel and kerosene, demand for fake products has declined, lowering the chances of explosions and equipment damage.
The spokesman said, “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.”
Obele noted that the revitalised refineries have generated employment, bringing life back to previously abandoned depots.
He added that host communities are benefiting from empowerment programmes, which are expected to help reduce insecurity and crime in the region.