Port Harcourt Refinery Resumption Raises Hopes Of Fuel Price Decrease

Port Harcourt Refinery Resumption Raises Hopes Of Fuel Price DecreaseThe resumption of Premium Motor Spirit (PMS) production at the Port Harcourt Refinery has been warmly welcomed by marketers, who believe the development will boost competition, ensure steady product availability, and ultimately lead to a reduction in fuel prices.....KINDLY READ THE FULL STORY HERE▶

Eleven months after the mechanical completion of the refinery, it has begun processing crude oil and loading petroleum products for delivery to the market. On Thursday, reports indicated that around 100 trucks lined up to collect petrol from the facility.

The Nigerian National Petroleum Company Limited (NNPCL) confirmed the commencement of PMS (petrol), Automotive Gas Oil (AGO or diesel), and Household Kerosene (HHK) production at the refinery.

During a ceremony marking the refinery’s operational restart, NNPCL Group CEO, Mele Kyari, hailed the development as a “monumental achievement” for Nigeria, emphasizing its importance in the country’s journey toward energy independence.

Clem Isong, Executive Secretary of the Major Energy Marketers’ Association of Nigeria (MEMAN), expressed optimism about the restart, stressing that the increased supply would foster healthy competition among suppliers. This, he believes, would lead to better product availability and lower prices for consumers. He stated, “We are advocating for diversification of supply, multiple supply sources, and open market competition. Our goal is to ensure product availability, accessibility, affordability, and price competition.”

The Independent Petroleum Marketers Association of Nigeria (IPMAN) also welcomed the move, expressing hope that it would create further competition and eventually lead to a decrease in fuel prices. Alhaji Olanrewaju Okanlawon, IPMAN’s National Public Relations Officer, explained that while the price of PMS had not yet changed, the increased supply would eventually force prices down. He noted, “The beauty of deregulation is that competition will drive the price down. When there is excess supply, it will definitely reduce the price. NNPCL’s production, along with Dangote’s, will help lower the cost of fuel, benefiting Nigerians.”

Billy Grills Harry, National President of the Petroleum Retail Outlets Owners Association of Nigeria (PPROOAN), also praised the refinery’s reopening, noting that all 18 loading bays at the Port Harcourt facility had been reactivated. He confirmed that over 100 trucks were now loading petroleum products, a sign that the scarcity of petroleum products in the region was coming to an end.

The widespread enthusiasm surrounding the refinery’s restart suggests that, as production ramps up, Nigerians could soon see the benefits of increased supply and heightened competition in the fuel market.

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