Marketers Forecast Further Reduction in Petrol Prices as Warri, P’Harcourt, Dangote Refineries Increase Supply

Peter Uzoho

Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has predicted that the prices of petrol will drop further and become cheaper as Warri, Port Harcourt and Dangote Refineries ramp up output and make more products available in the local market.

President of PETROAN, Dr. Billy Grillis-Harry, stated this yesterday during an exclusive chat with THISDAY, following the resumption of refining operations at the 125,000 barrels per day Warri Refinery in Delta State.

Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mallam Mele Kyari, had Tuesday announced the restart of crude refining operation at the Warri Refinery during a tour of the facility in company of the company’s top officials and the midstream and downstream regulator.

However, reacting to the development and its significance to the country’s energy security and the petroleum products market, the PETROAN president said with more refineries now working and making more products available to the market, prices will further drop and products become more affordable.

Grillis-Harry stated, “Well, first and foremost, PETROAN’s position is, once there is availability of petroleum products, then affordability will be the next conversation on the line.

“And you can see that our analysis is accurate. The moment petroleum product was available, prices started spiraling down on its own by the entrepreneurial economic factors, and they are working.

“Now, with this third refinery that’s producing PMS coming on stream, availability will be higher, and prices spiraling down will become much more feasible. So, we are good. 2025 looks good.

“Prices will likely come down very sharp and fast based on cost of input into producing one liter of fuel.”

He expressed confidence that Nigeria was going to perform better in the coming years, adding that he knew that the Bola Tinubu’s government was going to do something spectacular and was going to change the country’s economy.

He said Nigeria was now doing what must be done to reset the economy and launch the country to the path of growth and sustainability.

Although he declined giving Tinubu’s government a pass mark due to the mass hunger in the country and a lot of issues yet to be addressed, he expressed confidence that the current administration will change the narrative of Nigeria.

“I will not score Tinubu’s government a pass mark because people are hungry, and there’s quite a lot that needs to be fixed. And I would have thought that being an accountant and a businessman and a politician, you would have been ready from day one to change the narrative in 180 days.

“But, however, I still have a confidence somewhere locked into my spirit that Tinubu’s administration will change the narrative of Nigeria.

“And Nigeria will become the better. We are heading to become the world power. And that’s exactly what I believe will happen”, Grillis-Harry said.

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