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The Petroleum Products Retail Outlet Owners Association of Nigeria, PETROAN, said its members have started lifting Premium Motor Spirit, PMS, also known as petrol from the Port Harcourt and Warri refineries.
Spokesman of the association, Joseph Obele, said the Nigerian National Petroleum Company Limited, NNPCL – owned refineries were operational and supplying them the product.
In a statement on Saturday, he stated: “PETROAN members are now loading petroleum products, including Dual-Purpose Kerosene, Automotive Gas Oil, and Premium Motor Spirits,” he said.
“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.
“The refineries’ revitalisation has brought numerous benefits, including the eradication of adulterated diesel and kerosene from the market.”
Obele said: “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 stabilise the naira.”
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