The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has confirmed that its members have begun lifting Premium Motor Spirit (PMS), also known as petrol, from the Port Harcourt and Warri refineries.
In a statement issued on Saturday, PETROAN spokesperson Joseph Obele announced that the Nigerian National Petroleum Company Limited (NNPCL)-owned refineries are now operational and supplying fuel to marketers.
Obele explained that PETROAN members are now loading various petroleum products, including Dual-Purpose Kerosene, Automotive Gas Oil, and Premium Motor Spirit. He further emphasized that the revitalization of these refineries is expected to spark fierce competition among marketers, potentially leading to a reduction in petrol prices.
“The resurgence of these refineries has sparked intense competition, which is expected to drive down petroleum prices,” Obele stated. “As Nigerians advocate for lower PMS prices, it is clear that competition plays a crucial role in initiating price reductions.”
He also highlighted the broader benefits of the refineries’ renewed functionality, including the elimination of adulterated diesel and kerosene from the market. Additionally, Obele pointed out that the refineries’ operations are helping to curb crude oil theft, which has previously hindered Nigeria’s ability to meet its OPEC production targets.
With the increase in crude oil production, Nigeria is poised to generate higher revenue, potentially leading to the stabilization of the naira.
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