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The Petroleum Products Retail Outlet Owners Association (PETROAN) has announced that its members have commenced loading petroleum products, including dual-purpose kerosene, automotive gas oil, and premium motor spirits, at the Port Harcourt and Warri refineries. This development is sparking hopes for a fuel price reduction nationwide. According to Joseph Obele, spokesperson for PETROAN, “PETROAN members are now loading petroleum products… at both the Port Harcourt and Warri refineries.” This development follows the reported shutdown of the Port Harcourt refinery in December 2024 and the recommencement of operations at the Warri refinery on December 30, 2024.
Potential for Fuel Price Reduction
The restart of petrol sales at both refineries, combined with the existing Dangote Refinery, has sparked speculation about a potential reduction in retail fuel prices. Obele noted, “The resurgence of these refineries has sparked intense competition, expected to drive down petroleum prices.” He emphasised that competition is a crucial factor in triggering price reductions, adding that the refineries’ revitalization has brought numerous benefits, including the eradication of adulterated diesel and kerosene from the market. The possibility of a fuel price reduction is welcome news for consumers.
As Nigerians currently pay between N965 and N1,100 per litre for fuel nationwide, the possibility of a price reduction has generated significant interest. The increased output from these refineries is expected to create a more competitive market, and that competition is essential for achieving a fuel price reduction. With the refineries now operational, many are eagerly awaiting a decrease in fuel prices. Obele’s statement has provided a glimmer of hope, suggesting that the increased competition may lead to lower prices at the pump. The public is particularly keen on any news that could signal an upcoming fuel price reduction and bring relief to household budgets.
