Nigerians expect reduced Pump Price, as PH refinery begins

By, Biliki Coker

Nigerians have been hopeful that the cost of fuel could crash if the country refines its crude and ends the import of refined products.

The refinery, situated in Nigeria’s oil-rich Niger Delta region, has been in operation since 1965, but later became moribund for several years.

Many accross the breath and length of the country are already hoping the commencement of operation of Port Harcourt refinery will be meaningful if it leads to crashing of pump price of petrol and diesel.

With the operation of Port Harcourt refinery in the next few days the price of petrol, kerosene and diesel should come down to 300 since the crude is locally extracted.

In March 2021, the Nigerian government acquired a $1.5bn loan for the renovation and modernisation of the refinery.

Promises made to Nigerians by the Federal Ministry of Petroleum Resources and the NNPC about the refinery failed seven times before now.

Barely two months after the September completion deadline failed, the NNPC explained last week why it could not deliver the much-awaited Port Harcourt refinery at the scheduled time.

Soneye had said the company encountered risks and challenges while carrying out the rehabilitation, being a brownfield project.

He noted that the NNPC began the commissioning of critical equipment and processing units after the mechanical completion in Nigeria.

“You may recall that mechanical completion of the PHRC revamp was successfully achieved several months ago, marking a significant milestone in the project. Following this, we began the commissioning of critical equipment and process units.

“However, as is common with brownfield projects of this scale and complexity, we encountered unforeseen risks and challenges,” he stated.

The issues were resolved and commissioning activities resumed

These efforts will significantly enhance domestic production capacity alongside the contributions of privately-owned refineries and make our country a major energy hub, with the gas sector also enjoying unprecedented attention by the administration.

The President underscores his administration’s determination to repair the nation’s refineries, aiming to eradicate the disheartening perception of Nigeria as a major crude oil producer that lacks the ability to refine its own resources for domestic consumption.

Highlighting the values of patience, integrity, and accountability in the rebuilding of the nation’s infrastructure, President Tinubu calls upon individuals, institutions, and citizens entrusted with responsibilities to maintain focus and uphold trust in their service to the nation.

In alignment with the Renewed Hope Agenda focused on shared economic prosperity for all, the President reaffirms his administration’s commitment to achieving energy sufficiency, enhancing energy security, and boosting export capacity for Nigeria.