Petroleum prices in Nigeria are expected to decline following the revival of the Port Harcourt and Warri refineries, according to the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN).
In a statement on Saturday, PETROAN’s National Public Relations Officer, Dr. Joseph Obele, confirmed that the refineries are now operational, with members actively loading petroleum products such as diesel (AGO), kerosene (DPK), and petrol (PMS).
He attributed the anticipated price drop to increased market competition.
Obele highlighted the benefits of the refinery revitalisation, including the elimination of adulterated petroleum products, a decline in crude oil theft, and improved crude production, which could enhance Nigeria’s revenue and stabilise the naira.
The renewed operations have also spurred job creation, revived once-abandoned depots, and empowered host communities, potentially reducing crime rates.
PETROAN also noted that the availability of locally refined products would strengthen Nigeria’s energy security, ease forex pressures, and enhance economic sectors such as transportation, manufacturing, and agriculture.