Lifting of Premium Motor Spirit, PMS, also known as petrol from the Port Harcourt and Warri refineries has begun.
This was confirmed by the Petroleum Products Retail Outlet Owners Association of Nigeria, PETROAN. in a statement on Saturday by its spokesman, Joseph Obele
He said the Nigerian National Petroleum Company Limited, NNPCL – owned refineries are now operational and supplying them the product.
According to the statement: “PETROAN members are now loading petroleum products, including Dual-Purpose Kerosene, Automotive Gas Oil, and Premium Motor Spirits.
“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.”
