Oli marketers in Nigeria are now lifting petroleum products from other local refineries outside of the Dangote Refinery.
- Marketers in Nigeria are now lifting petroleum products from local refineries outside of the Dangote Refinery.
- Port Harcourt and Warri refineries are in full swing with PETROAN members loading their trucks there.
- The resurgence of refineries is expected to drive down petroleum prices through intense competition.
Operations in the Port Harcourt and Warri refineries seem to be in full swing as the Petroleum Products Retail Outlet Owners Association of Nigeria disclosed that its members are now loading their trucks there.
According to PETROAN, this dispels earlier skepticism over the Nigerian National Petroleum Company Limited’s refineries’ partial operation.
“PETROAN members are now loading petroleum products, including Dual-Purpose Kerosene, Automotive Gas Oil, and Premium Motor Spirits,” PETROAN’s spokesman, Joseph Obele, revealed on Saturday.
The spokesman noted that the Port Harcourt refinery is currently selling petrol, diesel, and kerosene to retailers while the Warri refinery is supplying only diesel and kerosene, as reported by the Punch.
“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,” he stated.
“The refineries’ revitalization has brought numerous benefits, including the eradication of adulterated diesel and kerosene from the market,“ Obele added.
He underlined that the increase of fake petroleum products, which put customers at serious risk, was prompted by the lack of operational refineries.
“With the availability of original diesel and kerosene, the demand for fake products has decreased, reducing the risk of explosions and equipment damage,” the spokesman 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 stabilize the naira,” he also added.
Very recently, another report noted that From October 2024 to January 2025, Nigeria imported around 3.2 million metric tonnes of PMS and 980,485 metric tonnes of diesel, indicating a shortfall in local production.
This equates to about 4.29 billion liters of gasoline and 1.153 billion liters of diesel, using conversion rates of 1,341 liters per metric tonne for gasoline and 1,176 liters per metric tonne for diesel.
