Baring any hitches and undue interference, there are indications that the prices of Petroleum products will crash down following the revival of the Port Harcourt and Warri refineries by the Federal Government.
The National Public Relations Officer, Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Dr Joseph Obele in a statement this Saturday made it clear that contrary to previous doubts, the refineries are “now fully operational, with PETROAN members loading petroleum products, including DPK, AGO, and PMS.”
According to the statement, “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.”
He noted with delight that the new development will ensure the eradication of adulterated diesel and kerosene from the market, pointing out that the absence of functional refineries led to a proliferation of fake petroleum products, posing significant risks to consumers.
The statement further observed that “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.”
Dr Obele also declared that 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.
