PETROAN Calls for Revival of Refineries Amid Rising Fuel Costs

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the Federal Government and the Nigerian National Petroleum Company Limited (NNPCL) to revive idle government-owned refineries in response to rising fuel prices. Joseph Obele, the National Public Relations Officer of PETROAN, stated that restarting these refineries would enhance domestic refining capacity, thereby reducing Nigeria's reliance on imported petroleum products.

He pointed out that Brent crude was priced at approximately $105.83 per barrel on September 16, while West Texas Intermediate was around $102.43 per barrel. Petrol prices have surged to between N1,400 and N1,500 per litre, with diesel exceeding N2,000 per litre.

Obele warned that ongoing increases in petroleum product prices would escalate operational costs for businesses and transport operators, contributing to inflation and financial hardship for Nigerians. He specifically urged for the resumption of production at the Port Harcourt and Warri refineries, asserting that a functional Port Harcourt refinery would bolster economic activities and demonstrate Nigeria's capability to utilize its petroleum resources effectively.