The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has disclosed that that its members have started the lifting of Premium Motor Spirit (PMS), also known as petrol, from the Port Harcourt and Warri refineries.

This was made known by Joseph Obele, a spokesperson for PETROAN in a statement released over the weekend.

PETROAN stated that the two refineries, owned by the Nigerian National Petroleum Company Limited (NNPCL), are now operational and supplying petroleum products to their association.

The statement reads: "PETROAN members are now loading petroleum products, including Dual-Purpose Kerosene, Automotive Gas Oil, and Premium Motor Spirits. The resumption of these refineries has sparked intense competition, expected to drive down petroleum prices."

The refineries are seen as essential to developing Nigeria's energy sector, promising to alleviate the longstanding challenges of fuel scarcity and price instability.

Obele stated: "As Nigerians advocate for lower PMS prices, it is clear that competition is a crucial factor in triggering price reductions."

Obele also mentioned the bigger benefits of refinery operations, stating: "The refineries has brought numerous benefits, including the eradication of adulterated diesel and kerosene from the market.

"This improvement is expected to enhance fuel quality and reliability across the country."

Addressing the economic implications, Obele added: "The refineries’ functionality has also contributed to a decrease in crude oil theft, which has hindered Nigeria’s ability to meet OPEC production targets."