Oil Marketers Commences Loading Of Petrol From Warri, Port Harcourt Refineries
LAGOS FEBRUARY 4TH (NEWSRANGERS)-The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) says its members are now loading petroleum products from the Port Harcourt and Warri refineries.
In a statement on Saturday, Joseph Obele, PETROAN’s spokesman, said the loading has doused previous doubts that the refineries owned by the Nigerian National Petroleum Company Limited (NNPC) were not fully operational.
“PETROAN members are now loading petroleum products, including Dual-Purpose Kerosene, Automotive Gas Oil, and Premium Motor Spirits,” he said.
“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’ revitalisation has brought numerous benefits, including the eradication of adulterated diesel and kerosene from the market.”
Obele said the lack of functional refineries resulted in the widespread circulation of counterfeit petroleum products, putting consumers at serious risk.
However, he said with the availability of genuine diesel and kerosene, demand for fake products has declined, lowering the chances 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,” he said.
”As crude oil production increases, Nigeria is expected to generate more revenue and stabilise the naira.”
Obele added that the revitalised refineries have generated employment, bringing life back to previously abandoned depots.
He also noted that host communities are benefiting from empowerment programmes, which are expected to help reduce insecurity and crime in the region.
On December 30, Mele Kyari, NNPC group chief executive officer (GCEO), said the Warri Refining & Petrochemicals Company (WRPC) in Delta state is now operational.
Kyari said the refinery is not fully completed but is producing 125,000 barrels per day.
TheCable
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Posted by News Rangers
on Feb 4 2025. Filed under Business, National.
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