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, PETROANs spokesperson, Joseph Obele, expressed the associations 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 isnt good news. Plans to sell Warri and Kaduna refineries while keeping Port Harcourt under NNPCL management are concerning, given the companys history of corruption and favoritism," he said.
He criticised NNPCLs handling of the countrys 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.