NNPCL Announces Resumption Of Port Harcourt Refinery, Fuel Prices Likely To Fall

The resumption of Premium Motor Spirit (PMS) production at the Port Harcourt Refinery has been met with optimism by marketers, who believe it will boost competition,...READ MORE…

enhance product availability, and potentially lead to lower prices.

After completing mechanical repairs 11 months ago, the refinery has finally begun processing crude oil and delivering petroleum products to the market. Reports indicate that on Thursday, approximately 100 trucks queued to load petrol from the facility.

The Nigerian National Petroleum Company Limited (NNPCL) has confirmed the loading of PMS, Automotive Gas Oil (diesel), and Household Kerosene, among other products.

During a ceremony marking the refinery’s operational restart, NNPCL Group CEO Mele Kyari called the development a “significant milestone for Nigeria” and a crucial step toward achieving energy self-sufficiency.

The Executive Secretary of the Major Energy Marketers’ Association of Nigeria (MEMAN), Clem Isong, expressed optimism about the refinery’s impact, noting that increased competition among suppliers could benefit consumers through lower prices.

He stated, “We are advocating for diversified and multiple supply sources, open-market competition, and affordable pricing. Our focus is on ensuring product availability and price reduction through increased competition.”

Similarly, the Independent Petroleum Marketers Association of Nigeria (IPMAN) expressed excitement over the refinery’s revival. IPMAN’s National Public Relations Officer, Alhaji Olanrewaju Okanlawon, highlighted the benefits of deregulation, explaining that increased supply from NNPCL and Dangote Refinery could drive prices down over time.

He remarked, “Although no price adjustment has been announced yet, the surplus supply created by multiple producers will naturally lower prices, benefiting consumers across the country.”

Billy Grills Harry, National President of the Petroleum Retail Outlets Owners Association of Nigeria (PPROOAN), confirmed that over 100 trucks were lined up at the Port Harcourt refinery’s reactivated loading bays to transport various petroleum products.

He emphasized that this development would ease the scarcity of petroleum products, adding, “I was present at the resumption ceremony, and the full activation of all 18 loading bays is a positive step towards ensuring stable product supply.”

For More Information And News Update, Join Ireporteronline WhatsApp Channel With Link Below: https://whatsapp.com/channel/0029VaV4jB6DuMRgwqnJCF32 For advertisement inquiries only, kindly send a message to 09010649814 on WhatsApp.