The Petroleum Products Retail Outlets Owners Association of Nigeria has lauded the Federal Government and the Nigerian National Petroleum Company Limited for the successful rehabilitation and continuous operation of the Port Harcourt Refinery for 180 days.
Despite this achievement, the association addressed growing concerns over panic buying, reassuring Nigerians that there is no imminent fuel scarcity.
The Port Harcourt Refinery, inactive for over two decades, was revived through a major rehabilitation project financed by a loan from Afreximbank and executed by Tecnimont Nigeria Limited, a subsidiary of the Maire Tecnimont Group.
Commissioned in October 2024, the refinery has been operating non-stop for six months, producing Automotive Gas Oil, Dual-Purpose Kerosene, and Premium Motor Spirit.
PETROAN noted that its members were loading AGO and DPK from the facility, while NNPCL retail marketers handled PMS distribution.
The association praised Tecnimont Nigeria for its technical expertise and the host communities for their cooperation, stressing that the refinery’s operation has contributed to stabilizing the 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), Ibrahim Onoja, for his exceptional leadership, technical expertise, and dedication to ensuring the successful rehabilitation and operation of the refinery,” the statement read.
Amid speculation linking recent fuel panic buying to Dangote Refinery’s temporary suspension of naira-denominated sales, PETROAN dismissed such claims as baseless.
The association clarified that Nigeria’s fuel supply is not solely dependent on Dangote Refinery, as NNPCL operates two functional refineries alongside modular refineries and petroleum importers supplying the market.
“There is no reason for 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,” PETROAN stated, assuring that regulatory agencies remain committed to ensuring stable supply.
Additionally, PETROAN called for a comprehensive review of the Petroleum Industry Act to align with evolving industry realities.
The association believes that revisiting the PIA will help address emerging challenges, promote investment, and enhance efficiency in the sector.
It also commended the Federal Government’s stance on allowing market forces to determine fuel prices, emphasizing that a competitive market prevents monopolies, encourages innovation, and ensures fair pricing for consumers.
