Petrol Prices Expected to Drop as Port Harcourt, Warri Refineries Resume Operations

Oil marketers have forecasted a decline in petrol prices following the Federal Government’s successful revival of the Port Harcourt and Warri refineries.

Dr. Joseph Obele, the National Public Relations Officer of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), confirmed in a statement on Saturday that the refineries are now fully operational. He stated that members of the association have started loading petroleum products, including Dual-Purpose Kerosene (DPK), Automotive Gas Oil (AGO), and Premium Motor Spirit (PMS).

According to Obele, the renewed activity in these refineries has intensified competition in the market, a factor expected to drive down petrol prices. He noted that with Nigerians demanding lower fuel prices, increased competition is playing a significant role in making this a reality.

Beyond price reductions, Obele highlighted several other benefits of the refineries’ revival. These include the elimination of adulterated diesel and kerosene from the market, a decrease in crude oil theft, and improved crude oil production, which will help Nigeria meet its OPEC production targets. He added that the increased output would boost government revenue and contribute to stabilizing the naira.

The revitalization of the refineries has also led to job creation, with previously abandoned depots now bustling with activity. Additionally, host communities are benefiting from empowerment programs, which could help reduce crime and insecurity in the region.

Furthermore, Obele emphasized that the refineries’ functionality will enhance Nigeria’s energy security, ease pressure on foreign exchange, and create a more stable petroleum supply chain. This will have positive ripple effects across various sectors, including transportation, manufacturing, and agriculture, ultimately boosting economic productivity and national competitiveness.