The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has advised President Bola Tinubu to privatize the Port Harcourt Refinery.
The association made the appeal in a statement on Wednesday by its spokesperson, Joseph Obele.
PETROAN, which lamented the inefficiency, corruption and favouritism in the management of Nigeria’s refineries by the Nigerian National Petroleum Company (NNPC) Limited, said if the Port Harcourt refinery is privatized, there will be improved accountability, global competitiveness, and higher revenue for the government.
“This isn’t good news. Plans to sell Warri and Kaduna refineries while keeping Port Harcourt under NNPC management are concerning, given NNPC’s history of corruption and favoritism,” Obele said.
Speaking further, the PETROAN official stated that NNPC’s handling of the country’s refineries had led to fuel scarcity, higher prices, and economic hardship, and added that its poor track record highlighted the need for reform.
According to him, privatising the Port Harcourt refinery would bring benefits such as increased productivity, investment, expertise, job creation, and better product supply.
“The gains of privatisation would far outweigh the costs, and it is in the best interest of the community and the nation at large,” Obele said.
He added that the host community would warmly receive any private investor with full cooperation to ensure the refinery’s success, saying private firms are more accountable and community-friendly.
Naijaonpoint reports the call follows the announcement by the NNPCL that it has officially ruled out the decision on the sale of the Port Harcourt Refining Company.
The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, announced the decision regarding the future of the nation’s most significant state-owned refining asset during a company-wide town hall meeting held at the NNPC Towers in Abuja, putting an end to weeks of speculation.
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