The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has predicted that petrol prices will crash significantly following the revival of the Port Harcourt and Warri refineries by the Federal Government.
Taking to a statement on Saturday, PETROAN National Public Relations Officer, Dr. Joseph Obele, said contrary to previous doubts the refineries are “now fully operational, with PETROAN members 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 noted that the revitalisation of the facilities has numerous benefits, including the eradication of adulterated diesel and kerosene from the market.