The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) said yesterday confirmed that the refineries at Port Harcourt and Warri have commenced full operation. This is even as the association stated that its members have started loading petroleum products from the two refineries.
The statement is coming on the heels of doubts previously expressed by Nigerians that the refineries owned by the Nigerian National Petroleum Company Limited were not fully operational.
In the statement issued on Saturday read, “PETROAN members are now loading petroleum products, including Dual-Purpose Kerosene, Automotive Gas Oil, and Premium Motor Spirits.
According to PETROAN spokesman, Joseph Obele, the Port Harcourt refinery was already selling petrol, diesel and kerosene to retailers. While the Warri refinery supplied kerosene and diesel.
Obele noted that the competition that would result from the new development could spark intense competition. A development that would bring down fuel price across the country.
“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’ revitalization has brought numerous benefits. These included the eradication of adulterated diesel and kerosene from the market,” Obele said.
The PETROAN spokesman pointed out that with the availability of original diesel and kerosene, the demand for fake products has decreased. Thereby reducing the risk of explosions and equipment damage.
He 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 stabilize the Naira.”
Obele added that beside their potential to lower fuel prices, the revitalized refineries have created job opportunities. This is as the once deserted depots are now bristling with activities.
He noted that the host communities are also benefiting from empowerment programmes. A development he said, are expected to positively impact on security in the region.
The National President of PETROAN, Billy Gillis-Harry, was quoted as saying that social empowerment programmes for oil-producing host communities align with the provisions of the Petroleum Industry Act and the Nigeria Local Content Act.
Harry commended the Managing Director of the Nigerian National Petroleum Company Retail Ltd, Mr. Hubb Stockman, “for promoting a sense of belonging among host community members.”
Gillis-Harry, therefore, advised members of the host communities and PETROAN members to support the goal attainment and actualization of the Port Harcourt and Warri refineries. He also emphasized the importance of collaboration in ensuring the refineries’ continued success.
He said, “The operationalization of the Port Harcourt and Warri refineries is also expected to boost Nigeria’s economic growth. This it can do by increasing the availability of petroleum products and reducing dependence on imports. They will also help aid in generating additional revenue for the government. This, in turn, will have a positive impact on the country’s GDP and overall economic development.
“Additionally, the refineries’ functionality will also enhance Nigeria’s energy security. Reduce the pressure on foreign exchange and create a stable supply chain for petroleum products. This will have a ripple effect on various sectors of the economy. Including transportation, manufacturing, and agriculture. Which will, ultimately lead to improved economic productivity and competitiveness.”
source: Punch
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