Key stakeholders in Nigeria’s oil and gas sector have expressed optimism about the impact of the Port Harcourt Refining Company’s (PHRC) resumption of operations. They believe the refinery’s reopening will boost competition, lower fuel prices, and create jobs for Nigerians.
This follows the inauguration of a 60,000-barrel-per-day production plant at the Port Harcourt Refinery by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, on Tuesday. Kyari also noted that other sections of the refinery would become operational in due course.
Speaking at the event in Eleme, Rivers State, Tekena Ikpaki, Rivers State Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), hailed the development as historic. “This is a remarkable achievement, long expected but now realized,” Ikpaki said, adding that trucks have started loading petroleum products from the facility, signaling the refinery’s return to operation.
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Ikpaki highlighted the significance of having the Port Harcourt Refinery and the Dangote Refinery operating simultaneously. According to him, this will create healthy competition in the downstream sector, ultimately benefiting Nigerians with reduced prices.
“Competition between NNPCL and Dangote will lead to price reductions. Dangote has already announced a price cut, likely due to the Port Harcourt Refinery’s reopening. This is in the best interest of Nigerians,” he said.
Ikpaki also expressed confidence that once the refinery fully stabilizes, more trucks will regularly load products, ensuring a steady supply across the country.
Joseph Obelle, National Public Relations Officer of the Petroleum Product Retail Outlet Owners Association of Nigeria (PETROAN), echoed these sentiments. He emphasized that the refinery’s resumption after five years of dormancy would create jobs, stimulate economic growth, and increase competitiveness in the sector.
“We are optimistic that this will significantly reduce petrol prices and improve distribution across the nation,” Obelle said, commending the NNPCL leadership for their commitment to revitalizing the refinery.
Both IPMAN and PETROAN commended President Bola Tinubu and the NNPCL for their determination to rehabilitate the refinery. Obelle also praised the host communities for maintaining a peaceful environment during the rehabilitation process and urged speedy completion of the Eleme section of the East-West Road to facilitate smooth transportation of petroleum products.
The stakeholders expressed optimism that the Port Harcourt Refinery, combined with efforts from the Dangote Refinery, would usher in a new era of economic benefits for Nigerians through affordable petroleum products and expanded job opportunities.
