Oil Marketers have predicted a significant drop in petrol prices following the revival of the Port Harcourt and Warri refineries by the Federal Government.
The National Public Relations Officer of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Dr. Joseph Obele, made the disclosure in a statement on Saturday.
He said the refineries are now fully operational, and members of the association are loading petroleum products, including "DPK, AGO, and PMS."
"The resurgence of these refineries has sparked intense competition, which is 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 statement read.
He said the revitalization of the refineries has numerous benefits, including the eradication of adulterated diesel and kerosene from the market.
"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.
"The revitalized refineries have created job opportunities, with deserted depots now bustling with activity. The host communities are also benefiting from empowerment programs, which are expected to positively impact insecurity and crime rates in the region," he said.
"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, ultimately leading to improved economic productivity and competitiveness," the statement added.
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