Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has commended the Federal Government and the Nigerian National Petroleum Company Limited (NNPCL) for successfully operating the revamped Port Harcourt Refinery continuously for 180 days.
It, however, has raised concerns over panic buying across the country, assuring Nigerians of a stable petroleum supply despite recent market uncertainties.
The PH refinery, which had been dormant for over two decades, underwent a major rehabilitation financed by a loan from Afreximbank and executed by Tecnimont Nigeria Limited, a subsidiary of the Maire Tecnimont Group.
PETROAN commended Tecnimont Nigeria for its professionalism and technical expertise, ensuring the successful completion of the project. It also acknowledged the cooperation of host communities during the rehabilitation process.
Commissioned in October 2024, the refinery has been in operation non-stop for six months, a milestone PETROAN describes as a testament to the effectiveness of the rehabilitation efforts.
In a statement yesterday, PETROAN noted that its members were loading Automotive Gas Oil (AGO) and Dual-Purpose Kerosene (DPK) from the refinery, while NNPCL retail marketers were loading Premium Motor Spirit (PMS).
The association stated that the refinery’s operation helped in stabilising fuel supply and curbing the circulation of adulterated diesel and kerosene in the market.
“PETROAN wishes to extend special commendation to the Managing Director of Port Harcourt Refining Company (PHRC), which operates the Port Harcourt refinery, Ibrahim Onoja, for his exceptional leadership, technical expertise and dedication to ensuring the successful rehabilitation and operation of the refinery,’ it stated.
It emphasised that the revitalisation of Nigeria’s refining capacity would have a positive impact on energy security, economic growth and job creation, reinforcing the nation’s path towards self-sufficiency in petroleum product refining.
IN another statement yesterday, PETROAN addressed widespread speculation that Dangote Refinery’s temporary suspension of naira-denominated sales was responsible for the panic buying.
The association emphasised that the claim was unfounded and did not justify fuel hoarding or panic purchases. It noted that Nigeria’s fuel supply was not solely dependent on Dangote Refinery, as NNPCL operates two functional refineries alongside modular refineries and importers supplying petroleum products to the market.
“Therefore, we see no reason for the threat of panic-buying. We urge Nigerians to remain calm and go about their normal activities without fear of scarcity, as there is no shortage of petroleum products. We wish to reassure the general public that the tension leading to panic buying is baseless. The Federal Government, Ministry of Petroleum and regulatory agencies are committed to ensuring a seamless supply of petroleum products to meet the demands of Nigerians,” it stated.
PETROAN also called for a comprehensive evaluation and review of the Petroleum Industry Act (PIA) to ensure it aligns with industry realities.
The association believes that a comprehensive review of the PIA will provide opportunities to address emerging challenges, promote investment and enhance the overall efficiency of the petroleum sector.
It also commended the Federal Government’s stance on allowing market forces to determine fuel prices, arguing that a competitive market prevents monopolies, encourages innovation and ensures fair pricing for consumers.
