Fuel marketers await NNPC to Announce Product Pricing for Port Harcourt Refinery

Oil marketers have welcomed the resumption of operations at the Port Harcourt Refinery, which had been dormant for years, costing Nigeria billions of dollars in foreign exchange.

The Nigerian National Petroleum Company (NNPC) Limited announced on Tuesday that the refinery had restarted operations, with trucks loading petrol, diesel, and kerosene from the facility.

At a small ceremony to celebrate the occasion, the CEO of NNPC, Mele Kyari, said this was a big step forward for Nigeria. It’s the start of a new time when Nigeria will have its own energy and its economy will grow.

Kyari extended gratitude to President Bola Ahmed Tinubu for his steadfast support of the refinery rehabilitation project and his commitment to ensuring Nigeria’s energy security. He also thanked the NNPC Board of Directors, staff, and contractors for their dedication to overcoming challenges and completing the project.

Speaking to Vanguard, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Alhaji Abubakar Maigandi Shettima, expressed optimism about the refinery’s reopening, calling it “good news” for the country and the oil industry.

However, Shettima noted that marketers are waiting for NNPC to disclose the pricing of refined products before determining their next steps.

“We feel very happy, and it is good news for everybody. But we cannot say much. We will wait for NNPC to disclose the price it will sell its products, and that will determine how marketers will react,” he stated.

The Port Harcourt Refinery’s restreaming marks a significant step in Nigeria’s efforts to reduce reliance on imported petroleum products and strengthen the nation’s energy sector