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The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has announced that its members are now loading petroleum products from the Port Harcourt and Warri refineries. This development contradicts previous doubts that the refineries, owned by Nigerian National Petroleum Company Limited, were not fully operational.

According to PETROAN’s spokesman, Joseph Obele, “PETROAN members are now loading petroleum products, including dual-purpose kerosene, automotive gas oil, and premium motor spirits.” Obele further disclosed that the Port Harcourt refinery is selling petrol, diesel, and kerosene to retailers, while the Warri refinery is supplying only diesel and kerosene.

The renovation of the two refineries has sparked intense competition, which is expected to drive down petroleum prices. As Obele noted, “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.”

Obele also highlighted the numerous benefits of the refineries’ revitalization, including the eradication of adulterated diesel and kerosene from the market. “The refineries’ revitalization has brought numerous benefits, including the eradication of adulterated diesel and kerosene from the market,” he stressed.

The absence of functional refineries had led to a proliferation of fake petroleum products, posing significant risks to consumers. However, with the availability of original diesel and kerosene, the demand for fake products has decreased, reducing the risk of explosions and equipment damage. As Obele pointed out, “With the availability of original diesel and kerosene, the demand for fake products has decreased, reducing the risk 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. As Obele noted, “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 also 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.

The National President of PETROAN, Billy Gillis-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.” Harry advised members of the host communities and PETROAN members to support the goal attainment and actualization of the Port Harcourt and Warri refineries, emphasizing the importance of collaboration in ensuring the refineries’ continued success.

The operationalization of the Port Harcourt and Warri refineries is expected to boost Nigeria’s economic growth by increasing the availability of petroleum products, reducing dependence on imports, and generating additional revenue for the government. As the statement concluded, “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, ultimately leading to improved economic productivity and competitiveness.

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