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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has praised the Federal Government and the Nigerian National Petroleum Company Limited (NNPCL) for their successful continuous operation of the revamped Port Harcourt Refinery for 180 days.
However, the association has expressed concerns regarding panic buying across the nation, reassuring Nigerians of a stable petroleum supply despite recent fluctuations in the market.
The Port Harcourt refinery, which had been inactive for over 20 years, underwent significant rehabilitation funded by a loan from Afreximbank and carried out by Tecnimont Nigeria Limited, a branch of the Maire Tecnimont Group.
PETROAN acknowledged Tecnimont Nigeria for its professionalism and technical skill, which ensured the successful completion of the project. It also recognized the support from host communities during the rehabilitation phase.
Commissioned in October 2024, the refinery has operated continuously for six months, a milestone that PETROAN considers a testament to the effectiveness of the rehabilitation efforts.
In a statement released on Tuesday, PETROAN reported that its members were loading Automotive Gas Oil (AGO) and Dual-Purpose Kerosene (DPK) from the refinery, with NNPCL retail marketers loading Premium Motor Spirit (PMS).
The association stated that the operation of the refinery has assisted in stabilizing fuel supply and reducing the presence of adulterated diesel and kerosene in the market.
“PETROAN wishes to extend special commendation to Ibrahim Onoja, the Managing Director of Port Harcourt Refining Company (PHRC), for his outstanding leadership, technical expertise, and commitment to ensuring the successful rehabilitation and operation of the refinery,” it remarked.
It stressed that revitalizing Nigeria’s refining capacity would positively affect energy security, foster economic growth, and create jobs, thereby reinforcing the nation's path towards self-sufficiency in petroleum product refining.
In another statement yesterday, PETROAN addressed circulating rumors that the temporary halt of naira-denominated sales by Dangote Refinery was the cause of panic buying.
The association stated that this assertion was unfounded and did not excuse fuel hoarding or panic purchases.
It highlighted that Nigeria's fuel supply wasn't solely reliant on Dangote Refinery, as NNPCL operates two functional refineries along with modular refineries and importers supplying petroleum products to the market.
“Thus, we find no justification for the panic buying threat. We urge Nigerians to remain calm and continue their normal activities without fear of scarcity, as there is no shortfall in petroleum products. We want to reassure the public that the tension leading to panic buying is unwarranted.
The Federal Government, Ministry of Petroleum, and regulatory agencies are dedicated to ensuring a seamless supply of petroleum products to meet Nigerians' demands,” it declared.
PETROAN also advocated for a thorough evaluation and revision of the Petroleum Industry Act (PIA) to ensure alignment with industry realities. The association believes that a comprehensive review of the PIA will provide opportunities to tackle emerging challenges, attract investments, and improve the overall efficiency of the petroleum sector.
It also commended the Federal Government’s position on allowing market dynamics to dictate fuel prices, asserting that a competitive market curbs monopolies, fosters innovation, and guarantees fair pricing for consumers.
