PH Refinery To Reduce Fuel Price

PH Refineries To Reduce Fuel Price, Create Jobs, Nigerians in joyous mood as Port Harcourt refinery begins production.

The stakeholders in the oil and gas sector announced the reopening of the Port Harcourt Refinery.

Operations starts on Monday in a bid to enhance price competition, reduce the price of petroleum products and create more jobs for Nigerians.

On Tuesday, as we can recall, the Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), inaugurated a 60,000 barrel per day capacity plant at the old Port Harcourt Refinery Depot.

Amidst the inauguration, Kyari disclosed that the remaining areas of the refinery will be brought to completion in due course.

Also, the Independent Petroleum Marketers Association of Nigeria (IPMAN), one of the stakeholders in the oil and gas sector, said while reacting to the resumption of the production at the Port Harcourt Refinery and loading of trucks at the Eleme facility, Rivers State.

Tekena Ikpaki, the Rivers State IPMAN Chairman, confirms the on-streaming of the refinery and loading of petroleum products . He describes it as a remarkable achievement.

While speaking, Ikpaki said: “This will remain memorable in our lives and in our hearts because it has been long expected.

PH Refinery To Reduce Fuel Price

“Now it is no longer expected, it is real, it can be seen and felt. Trucks have been coming in and loading out and we have been witnessing the process.”

When asked what the co-operation of the Port Harcourt Refinery and Dangote Refinery means for the downstream sector, he said it will enhance price competitiveness and lower the cost of petroleum products.

Tekena stated, “You know in God’s time He makes all things beautiful and this is just the best thing that will happen to Nigerians.

“I mean there is super competition now in the system which is in favour of the entire Nigerians.

“When Dangote and the NNPCL are at loggerheads and they are competing, who enjoys the dividends? Of course you and I.

“So I believe that since the refinery has come on stream, Dangote is there too, it will further push down the price of products.

“Over the weekend, Dangote had announced price reduction both on the marine and trucking, coming from perhaps the resumed operation of the Port Harcourt Refinery.

”We can expect a price reduction, which will be a welcome advantage for us and for Nigerians”

He also expressed positivity that more trucks will come into the facility to load the petroleum products in the coming days.

For now, it is still hypothetical but in no distant time everything will be in its proper place The inflow of trucks will be as it was

On the other hand, the Petroleum Product Retail Outlet Owners Association of Nigeria (PETROAN) said recommencement of the petroleum production at the Port Harcourt Refinery will create more job opportunities, boost the economy, and aid price competitiveness in the downstream sector.

PH Refinery To Reduce Fuel Price

Speaking through their (PETROAN) National Public Relations Officer Joseph Obelle, the group says they second the IPMAN’s sentiment.

The reoperation of the refinery will bring about competitiveness in the price of Premium Motor Spirit (Petrol).

Obelle stressed that the PETROAN management will maintain its good relationship with NNPCL.

Retail management and all other stakeholders in the oil and gas sector will ensure that petroleum products lifted at the Port Harcourt Refinery gets to all parts of the country.

Moreover, They praised President Bola Ahmed Tinubu and the management of the NNPCL for ensuring the reoperation of the refinery.

He stated that “PETRAON expresses optimism for the commencement of production at the Port Harcourt Refinery.

“We are so sure that it will offer job opportunities. It will boost the economy of the country and trigger competition in the downstream sector.

“We want to commend the leadership of the NNPC led by the Group CEO, Mele Kyari.

He demonstrates leadership with his team towards seeing the Port Harcourt Refinery becoming a reality.

He stressed: “Funding would have been an issue if not for the determination of Mr. President. So we also commend President Bola Tinubu for releasing funds for the Port Harcourt Refinery rehabilitation”

Obelle also paid homage to the host communities.  He praised them for ensuring safe and peaceful environment for the repair and rehabilitation of the refinery.

Obelle made a “plea” call on the construction company in charge of the construction project. 

Additionally, he pleaded that the Eleme section of the East-West Road ensure swift completion of the road.

PH Refinery To Reduce Fuel Price

This will aid smooth transitioning of the products from the refinery to various parts of the country.

 Port Harcourt, Kaduna, Warri To Be Privatised – Presidency

After the proclamation of the reopening and reoperation of Port Harcourt Refinery. The Federal Government of Nigeria  announces its plan to privatize the nation’s refineries.

The privatization includes the Port Harcourt, Warri, and Kaduna refineries

In addition, this proclamation was made through the President’s special adviser on media and public communications. Sunday Dare made this proclamation via a tweet on his verified X handle on Sunday.

In the tweet, he highlighted key major achievements made in the oil and gas sector. He hinted at the administration’s plan to privatise the refineries.

According to his tweet: “The full privatization of Port Harcourt, Warri, and Kaduna refineries is in progress.” Though, no timeline for the initiative yet.

Decades of neglect and mismanagement have crippled Nigeria’s four refineries, leaving them incapacitated.

Despite various past presidents investing trillions of naira in rehabilitation and maintenance, they still remain the same.

Meanwhile, the failure to fix the refineries for decades has hugely incapacitate the nation’s oil and gas sector.

PH Refinery To Reduce Fuel Price

It makes the country solely rely on imported petroleum products, hinging continued pressure on Nigeria’s foreign exchange earnings and reserves.

The special adviser assured that the local refining would adequately meet domestic demand.

It will soothe the continuous issue of fuel shortage and scarcity.

He adds: “We will bring an end to fuel queues as we meet up with local refining”.

The Nigerian National Petroleum Company Limited (NNPCL), in August, 2024, disclosed its plan.

The company plans to include private operators in overseeing the Kaduna and Warri refineries.

Furthermore, in a statement posted on the X verified handle, NNPCL expressed its desire to partner with credible operations and maintenance (O&M) firms.

“The Nigerian National Petroleum Company (NNPC) Limited, an integrated oil and gas company seeks to engage reputable and credible operations.

Finally, NNPC inquires the maintenance (O&M) companies to operate and maintain the Warri Refining and Petrochemical Company

(WRPC) and Kaduna Refining and Petrochemical Company (KRPC),” the circular read.

NNPCL stress that the partnership will focus on ensuring reliability and sustainability of the refineries.

The corporation further addresses Nigeria’s issues with petrol supply and strengthening energy security.

PH Refinery To Reduce Fuel Price