Politics
Port Harcourt Refinery Test-Run In Progress As Fuel Price Surge Looms Warns Marketers
Port Harcourt Refinery Test-Run In Progress As Fuel Price Surge Looms Warns Marketers....KINDLY READ THE FULL STORY HERE▶
On Wednesday, the Federal Government provided an update on the operational status of the Port Harcourt Refining Company, indicating that the facility is currently undergoing a test run. The announcement, made during a briefing in Abuja, assured that the refined petroleum products from the plant would soon be introduced to the market………CONTINUE READING
This revelation follows concerns raised by oil marketers about the potential impact of the recent depreciation of the naira against the US dollar on pump prices for refined petroleum products. The oil marketers questioned how the Nigerian National Petroleum Company Limited could sustain the supply of Premium Motor Spirit (PMS or petrol) at the prevailing cost, given the exchange rate of one dollar to about N1,450.
Minister of State for Petroleum Resources, Heineken Lokpobiri, addressed inquiries about the Port Harcourt refinery’s status during an event in Abuja. He affirmed that the plant was still undergoing a test run, emphasizing the completion of the mechanical aspect. The minister explained that despite the completion of the first phase of the rehabilitation work, additional time was required to finalize various components within the facility.
Lokpobiri drew a parallel with the Dangote refinery, commissioned by the Buhari administration, pointing out that even though commissioned, the refinery had not yet commenced product releases due to the inherent time-consuming nature of such projects. He expressed confidence that the Port Harcourt refinery, along with the Warri refinery, which is reportedly in full operation, would soon contribute to increased refining capacity.
Anticipating a significant boost in refining capacity in the coming months, the minister highlighted the potential for a considerable increase in value addition if products were refined locally. He cited ongoing initiatives, including modular refineries with capacities ranging from 5,000 to 30,000 barrels, as additional measures to enhance the country’s energy independence and facilitate the supply of refined products to West Africa.
In light of the naira’s decline against the dollar, Chief Ukadike Chinedu, the National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, acknowledged the commendable efforts of the NNPC in providing PMS. However, he expressed concerns that the rising dollar might affect various commodities in Nigeria, including PMS, potentially leading to an increase in its price in the near future.
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Source: Bushradiogist
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