The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has faulted the decision of the Nigerian National Petroleum Company Limited (NNPCL) not to privatise the Port Harcourt Refining Company (PHRC).

In a statement, PETROAN?s spokesperson, Joseph Obele, expressed the association?s disappointment with the decision by NNPCL to retain the refinery under its control, and called on President Bola Tinubu to approve the privatisation of the refinery, saying it would drive efficiency, investment, and economic growth.

?This isn?t good news. Plans to sell Warri and Kaduna refineries while keeping Port Harcourt under NNPCL management are concerning, given the company?s history of corruption and favoritism,? he said.

He criticised NNPCL?s handling of the country?s refineries, saying it had led to fuel scarcity, higher prices, and economic hardship, and added that its poor track record showed the need for reform.

According to Obele, privatising the Port Harcourt Refinery would bring benefits such as increased productivity, investment, expertise, job creation, and better product supply.

Recall that the Group Chief Executive Officer (GCEO) of NNPCL, Bayo Ojulari, two days ago, announced the organisation?s decision not to sell off the refinery during a company-wide town hall meeting at the firm?s headquarters in Abuja, reaffirming commitment to completing the high-grade rehabilitation and retention of the plant.

His latest announcement amounted to a reversal of position as he had said in June that that the company was considering the sale of all the three refineries due to complications in repairing them.

At the meeting two days ago Ojulari stated: ?NNPCL has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant?.

However, Ojulari said the position of the national oil company is not a shift, but informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries. (Vanguard)

Update news