Fuel Prices Set To Drop! PETROAN Claims Revival Of Port Harcourt, Warri Refineries Will Slash Petrol Costs

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has announced that the Port Harcourt and Warri refineries’ revival will lead to a significant drop 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 products such as DPK, AGO, and PMS.

Obele explained that the reactivation of these refineries has sparked intense competition, which is expected to drive down fuel prices. He emphasized that the public’s demand for lower PMS prices is being fueled by this competition.

“The revival of these refineries has triggered intense competition, which will likely reduce petroleum prices. As Nigerians push for lower PMS costs, competition is playing a pivotal role in driving these price reductions,” Obele stated.

He also noted several benefits resulting from the refineries’ revitalization, including the removal of counterfeit diesel and kerosene from the market. Obele expressed regret that the previous lack of functioning refineries had contributed to the proliferation of fake petroleum products, which posed significant risks to consumers.

With genuine products now available, the demand for counterfeit diesel and kerosene has decreased, thus reducing the risks of explosions and equipment damage.

Obele further pointed out that the operational refineries have helped reduce crude oil theft, a major obstacle preventing Nigeria from meeting OPEC production targets. As production increases, Nigeria is expected to generate more revenue and stabilize the naira.

“The operation of these refineries has also contributed to a decline in crude oil theft, which previously hindered Nigeria’s ability to meet OPEC production targets. As crude oil output rises, Nigeria is set to earn more revenue and stabilize the naira,” Obele added.

He also mentioned that the revived refineries have created new job opportunities, with previously idle depots now bustling with activity. Local communities are benefiting from empowerment programs, which are expected to help improve security and reduce crime in the region.