Following the revival of the Port Harcourt and Warri refineries by the Federal Government, The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has remained optimistic of an imminent crash in the price of petrol.
In a statement on Saturday, PETROAN National Public Relations Officer, Dr. Joseph Obele, highlighted some reasons for it’s prediction which include the resurgence of the warri and Port harcourt refineries which are “now fully operational, with PETROAN members loading petroleum products, including DPK, AGO, and PMS.”
According to the statement, these refineries has sparked intense competition, which is expected to drive down petroleum prices.
The statement further disclosed that, “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,”.
Obele also listed other benefits linked to the revitalisation of the facilities, including the eradication of adulterated diesel and kerosene from the market, decrease in crude oil theft, which has hindered Nigeria’s ability to meet OPEC production targets.
He added that the situation would have a positive impact on the country’s Gross Domestic Product (GDP) and overall economic development.
