Petroleum Products’ Outlet Retails Owners Association of Nigeria (PETROAN) has said both Port Harcourt and Warri refineries are now operational with its members loading products such as dual-purpose kerosene (DPK), automated gas oil (AGO) and premium motor spirit (PMS).
PETROAN national president, Dr Billy Gillis-Harry, who disclosed this while speaking with journalists in Port Harcourt, said the revival of the two refineries has sparked intense competition, which is expected to drive down petroleum prices.
Gillis-Harry stated that refineries’ revitalisation has brought numerous benefits, including the eradication of adulterated diesel and kerosene from the market.
He further stated that for years, the absence of functional refineries led to a proliferation of fake petroleum products, posing significant risks to consumers.
The PETROAN president said with the availability of original diesel and kerosene, the demand for fake products has decreased, reducing the risk of explosions and equipment damage.
Gillis-Harry said, “Contrary to previous doubts, the Port Harcourt and Warri refineries are now fully operational, with PETROAN members loading petroleum products, including DPK, AGO, and PMS.
“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 refineries’ revitalisation has brought numerous benefits, including the eradication of adulterated diesel and kerosene from the market. For years, the absence of functional refineries led to a proliferation of fake petroleum products, posing significant risks to consumers.
“With the availability of original diesel and kerosene, the demand for fake products has decreased, reducing the risk of explosions and equipment damage.
“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.
“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.
“Social empowerment programs for oil-producing host communities align with the provisions of the Petroleum Industry Act (PIA) and the Nigeria Local Content Act.”
