By Samaila Emmanuel Bzugu
In a positive turn for consumers, the Port Harcourt Refinery has officially resumed operations after nearly a year of inactivity. The Nigerian National Petroleum Company Limited (NNPCL) announced on Thursday that it has commenced loading various petroleum products, including Premium Motor Spirit (PMS), widely known as petrol. This development has raised hopes for increased competition, improved product availability, and potential price reductions in the fuel market.
Exactly 11 months following the mechanical completion of the aging refinery, a long line of approximately 100 trucks gathered at the facility on Thursday to load the first round of petroleum products. This marked a significant milestone for the refinery, which has been the subject of extensive repairs and upgrades since it was shut down in 2021.
During a ceremony to inaugurate the loading of petroleum products, NNPCL Group CEO Mele Kyari lauded the occasion as a monumental achievement for Nigeria’s energy independence and economic growth. “The commencement of load out activities signifies a new era for the country,” he stated.
The commencement of load out activities signifies a new era for the country
Industry analysts and marketers are optimistic about the implications for petrol prices. Clem Isong, Executive Secretary of the Major Energy Marketers’ Association of Nigeria (MEMAN), expressed confidence that an increase in supply would foster price competition. “When there is excess supply, prices will definitely drop,” he said.
When there is excess supply, prices will definitely drop
The sentiment was echoed by Alhaji Olanrewaju Okanlawon, National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), who noted, “While the price of PMS has not changed at the moment, the mere resumption of operations signifies that competition is already making its way into the market.”
The National President of the Petroleum Retails Outlets Owners Association of Nigeria (PPROOAN), Billy Grills Harry, said that about 100 trucks had lined up at the loading bay of the Port Harcourt refinery complex to lift various types of petroleum products.
Harry, who spoke to our correspondent in Port Harcourt, said all the 18 loading bays at the refinery had been reactivated while over 100 trucks had assembled to start lifting petroleum products.
He said he was invited in his capacity as the National President of the PPROOAN to witness the resumption ceremony, adding that the development would bring an end to scarcity of petroleum products.
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