The anticipation surrounding the operational restart of the Port Harcourt Refinery has sparked a conversation among stakeholders in Nigeria’s petroleum sector.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN) have forecasted a slight decrease in the retail price of Premium Motor Spirit (PMS), commonly known as petrol, following the refinery’s anticipated commencement next month.
This development is seen as a pivotal moment that could potentially ease the nation’s dependency on imported fuel and contribute to a marginal reduction in pump prices.
Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), confirmed during a Senate Ad-hoc Committee session that mechanical repairs at the Port Harcourt, Warri, and Kaduna refineries have been completed.
With Port Harcourt set to go operational shortly and Kaduna expected to follow in December, there is a palpable sense of optimism that this could inject a significant volume of domestically refined petrol into the Nigerian market.
Kyari assured that the Port Harcourt refinery would start operations within the next two weeks, having already stocked crude oil in preparation for regulatory compliance tests.
Both IPMAN and MEMAN have expressed their readiness to commence product loading from the refinery, emphasizing the potential for a slight reduction in petrol costs upon the distribution commencement.
The National President of IPMAN, Abubakar Maigandi, highlighted that the availability of domestically refined products would serve as support to the imported products, thereby expecting a change in price, albeit marginal.
Furthermore, the commencement of operations at the refinery is also seen as a boon for employment creation in Nigeria.
However, it’s crucial to note the skepticism among Nigerians regarding the promised operational restart of the Port Harcourt refinery within two weeks.
Past promises regarding the functionality of Nigeria’s refineries have often gone unfulfilled, leading to widespread doubt and criticism of the government’s announcements.
Industrialists and legal practitioners have voiced their concerns, pointing out the refinery’s troubled history and questioning the feasibility of the announced timeline.
Despite these doubts, the potential economic benefits and the prospect of reduced petrol prices provide a glimmer of hope for many.