The Petroleum Products Retail Outlets Owners Association of Nigeria has called on the Federal Government to urgently restore the Port Harcourt, Warri and Kaduna refineries to commercial operation, saying the move will strengthen competition, improve energy security and help stabilise fuel prices across the country.
The News Chronicle reports that the association believes Nigeria’s downstream sector should not depend on a single refinery for product supply. According to PETROAN, recent changes in fuel pricing by Dangote Refinery have highlighted the need for more local refiners to reduce pressure on the foreign exchange market and protect consumers from rising costs.
PETROAN President Billy Gillis Harry said marketers who sell their goods in foreign currency run a bigger currency risk than those who make money in naira. Though private refiners have the freedom to make commercial decisions, he said that a competitive market with several suppliers offers higher price stability and more consumer protection.
The group also asked the government to make sure there was enough crude oil for all of the local refineries and to promote investment in modular ones. It still holds that the fastest route to a more competitive, robust and reasonably priced gasoline market is to bring back the state-owned refineries—even only at least.
