The Petroleum Products Retail Outlet Owners Association says its members have started loading dual-purpose kerosene, automotive gas oil, and premium motor spirits at the Port Harcourt and Warri refineries.

The spokesperson of PETROAN, Joseph Obele, disclosed this in a statement on Saturday.

This follows a reported shutdown of the Port Harcourt refinery in December 2024 after it was rehabilitated in November. The same situation was said of Warri Refinery after it recommenced operation in December 30, 2024.

However, in an update, Obele revealed that the lifting of petroleum products has commenced in both state-owned refineries.

According to him, the Port Harcourt refinery is already selling petrol, diesel, and kerosene to retailers, while the Warri refinery is supplying only diesel and kerosene.

“PETROAN members are now loading petroleum products, including dual-purpose kerosene, automotive gas oil, and premium motor spirits.”

The restart of petrol sales at both the Port Harcourt and Warri refineries, together with the existing Dangote Refinery, has sparked speculations of retail fuel price reduction.

“The resurgence of these refineries has sparked intense competition, expected to drive down petroleum prices. As Nigerians advocate for lower PMS prices, it is clear that competition is a crucial factor in triggering price reductions.

“The refineries’ revitalisation has brought numerous benefits, including the eradication of adulterated diesel and kerosene from the market,“ Obele stressed.

Meanwhile, Nigerians currently buy fuel between N965 and N1,100 per litre nationwide.

Citing favourable developments in the global energy sector and a significant decline in international crude oil prices, Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly called petrol, from N950 to N890 per litre, effective from Saturday.

The company stated that the decision to slash prices is also part of plans to drive economic relief for Nigerians.

Dangote Refinery’s decision reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices.

A statement issued by the Group Chief Branding and Communications Officer, Anthony Chiejina, explained that this latest move follows a similar decision made on 19 January, when a modest price increase was implemented due to rising crude oil costs.

However, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.

The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.

“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy,” the statement said.

The refinery has also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public, while reiterating its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.

“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it added.

Dangote Petroleum Refinery’s decision is expected to play a vital role in stabilising the country’s economy, ensuring that the benefits of lower fuel prices are felt across all sectors.

South African business mogul, Johann Rupert has solidified his position as the continent’s richest man as Aliko Dangote’s net worth dropped further, causing him to fall even further behind South Africa’s billionaire on the list of the richest people in Africa.

According to Forbes, Dangote lost $95 million on Friday, January 24, bringing his net worth down to $10.7 billion.

His rival, Johann Rupert, continued to amass more wealth as he made $76 million on Friday to push his net worth to $13.6 billion.

Rupert is currently the 168th richest man in the world 68 places higher than Dangote, who is ranked 236th richest man in the world, and also the second in Africa.