Marketers Announce Date PH Refinery Will Begin Operation, Hint at New Fuel Price …C0NTINUE READING HERE >>>
Independent marketers have announced that the Port Harcourt refinery is set to commence operations soonThe marketers also expressed optimism that when the refinery finally starts releasing products, it will help reduce fuel pricesAlready, the Dangote Refinery has slashed the price of diesel, and there are expectations that it will be the same for fuel when the refineries start working
Henzodaily.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the Port Harcourt Refinery will begin operation in July 2024.
The marketers confirmed that the 210,000-barrel-per-day refinery facility's rehabilitation has been mainly completed.
PH refinery is almost ready and marketers are ready to buy at a new price
Photo credit: Suzanne Plunkett
Source: Getty Images
This was disclosed by Ukadike Chinedu, the National Public Relations Officer of IPMAN.
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Fuel price to reduce
According to Chinedu, when the refinery begins to work it will reduce the price of petroleum products and ensure adequate supply.
Punch reports that IPMAN PRO noted that efforts have been made to to meet the July deadline.
He said:
“Yes, when we visited the place, the MD told us that the refinery was almost ready and that they would start producing by the end of July. It has been turned into a new one. They changed all the armoured cables to brand new ones, and everything there is almost like a brand-new refinery.
“The turnaround on maintenance is very massive and the job is being done day and night. All hands are on deck to make sure that they meet that target. By ending of July the refinery should be ready.”
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Also, Femi Soneye, a spokesman for the Nigerian National Petroleum Corporation Limited, confirmed that mechanical work on the refinery has been completed and that it is only waiting for regulatory approval to begin operating.
He also that all pipes were operating flawlessly, transporting crude oil supplied by Shell.
His words:
“Everything has been completed in terms of our work, and once we get those approvals, it will start operations.”
Dangote crash diesel to N1,000 per litre
Earlier, Henzodaily.ng reported that the diesel price from the Dangote Refinery has now been reviewed from N1,200 to a new record of N1,000 per litre.
This came as marketers advocated reducing Dangote Petroleum Refinery's diesel pump price to N700 to N850 per litre.
Before the refinery began production, the product was sold at a high cost due to foreign exchange issues and market situations.
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Marketers eager to lift petrol from Dangote Refinery as importation is set to end in June
Source: Henzodaily.ng
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