• Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
Saturday, July 26, 2025
  • Login
No Result
View All Result
NEWSLETTER
Elanza News
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
No Result
View All Result
Elanza News
Home Business

PETROAN predicts petrol price crash with revamp of Port-Harcourt, Warri refineries

Nathaniel Irobi by Nathaniel Irobi
February 2, 2025
in Business
0
PETROAN predicts petrol price crash with revamp of Port-Harcourt, Warri refineries
0
SHARES
8
VIEWS
FacebookTwitterWhatsappEmailTelegram

RelatedPosts

Aliko Dangote Retires as Chairman of Dangote Cement

JUST IN: CBN Maintains Interest Rate at 27.5% Amid Inflation Concerns

NNPC Declares N905bn Profit for June, Remits N6.96tn in 5 Months

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has said petrol prices will crash down following the revival of the Port Harcourt and Warri refineries by the Federal Government.

National Public Relations Officer of the association, Dr. Joseph Obele, said in a statement on Saturday, that 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.

He regretted that for years, the absence of functional refineries led to a proliferation of fake petroleum products, posing significant risks to consumers.

“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.

“The revitalized refineries have created job opportunities, with deserted depots now bustling with activity. The host communities are also benefiting from empowerment programs, which are expected to positively impact insecurity and crime rates in the region,” he said.

ALSO READ:  NLC,TUC Suspends Strike

According to PETROAN, the operationalization of the Port Harcourt and Warri refineries is also expected to boost Nigeria’s economic growth by increasing the availability of petroleum products, reducing dependence on imports, and generating additional revenue for the government.

He stated that the situation would have a positive impact on the country’s Gross Domestic Product (GDP) and overall economic development.

“Additionally, the refineries’ functionality will also enhance Nigeria’s energy security, reduce the pressure on foreign exchange, and create a stable supply chain for petroleum products. This will have a ripple effect on various sectors of the economy, including transportation, manufacturing, and agriculture, ultimately leading to improved economic productivity and competitiveness.”

Tags: PETROANPetrol price
Nathaniel Irobi

Nathaniel Irobi

Related Posts

Dangote Urges Nigeria to Halt Medical Tourism and Boost Local Drug Production

Aliko Dangote Retires as Chairman of Dangote Cement

by Nathaniel Irobi
July 26, 2025
0

Nigerian businessman and Group President & Chief Executive of Dangote Industries Limited, Aliko Dangote, has retired as chairman of the...

CBN offers $876m to fx markets, pledges more liquidity support

JUST IN: CBN Maintains Interest Rate at 27.5% Amid Inflation Concerns

by Nathaniel Irobi
July 22, 2025
0

The Central Bank of Nigeria (CBN) has opted to keep the Monetary Policy Rate unchanged at 27.5%, as announced by...

NNPCL Records N5.89 trillion Revenue

NNPC Declares N905bn Profit for June, Remits N6.96tn in 5 Months

by Nathaniel Irobi
July 22, 2025
0

NNPC declares N905bn profit for June, remits N6.96tn in 5 months The Nigerian National Petroleum Company Limited (NNPC Ltd.) says...

Recommended

Senate Approves Tinubu’s $21.5 Billion External Borrowing Plan

Senate Approves Tinubu’s $21.5 Billion External Borrowing Plan

3 days ago
Tinubu Approves Super Falcons’ Full Bonuses Ahead of WAFCON Final

Tinubu Approves Super Falcons’ Full Bonuses Ahead of WAFCON Final

22 hours ago

Popular News

  • CDS’s Wife, Shehu Sani, Katung, Other’s To Storm Pastor Mutum’s Ordination, Book Launch

    CDS’s Wife, Shehu Sani, Katung, Other’s To Storm Pastor Mutum’s Ordination, Book Launch

    0 shares
    Share 0 Tweet 0
  • Bwari Council Chairmanship Aspirant, Dara, Dumps Labour Party Over Suspected Foul Play In Primaries

    0 shares
    Share 0 Tweet 0
  • Kaduna Baptist Church Donates N50,000 Each To 12 Muslims, 4 Retired Pastors

    0 shares
    Share 0 Tweet 0
  • Bannon Tried to Use Iran Strike to Split the GOP Says Former Counselor to Jared Kushner, Eliyahu Okkon, Esq.

    0 shares
    Share 0 Tweet 0
  • Tinubu Orders Audit to Reform Civil Service

    0 shares
    Share 0 Tweet 0

Connect with us

Facebook Instagram Twitter Youtube
Elanza logo

Elanza News is your NO 1 online platform for all news update.
#SayNoToFakeNews
Contact Us

Category

  • Arts & Literature (25)
  • Business (749)
  • Education (218)
  • Entertainment (311)
  • Health (196)
  • National (2,224)
  • News (8,310)
  • Opinion (308)
  • Politics (1,643)
  • Science (15)
  • Security (406)
  • Sports (446)

Newsletter

© 2023 Elanza News - The No 1 online news platform

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Politics
  • Business
  • Science
  • National
  • Entertainment
  • Sports
  • Health

© 2023 Elanza News - The No 1 online news platform