- Oil marketers have applauded the NNPC for supplying crude to the Dangote Refinery
- IPMAN canvassed for the privatization of the Port Harcourt refinery upon completion
- According to the marketers, this would help to prevent monopoly in the industry
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has lauded the Nigerian National Petroleum Company Limited (NNPCL) for keeping its end of the bargain to supply one million barrels of crude to Dangote Refinery.
Recall that the Dangote Refinery confirmed receiving one million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO).
Joseph Obelle, Chairman of the Port Harcourt branch of the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Rivers State capital, made the commendation while speaking with newsmen.
He also called for the privatization of the Port Harcourt refinery upon completion to compete against Dangote Refinery.
Port Harcourt Refinery to be privatized
Obelle urged that the Port Harcourt Refinery be privatized rather than be left under state control as contained in a Leadership report.
According to him, this would prevent monopoly by ensuring fair competition with the Dangote Refinery and prevent price hikes.
“I’m yet to see any sector that can stand or beat Dangote in a business competition. Hence I will recommend that the Port Harcourt Refinery proposed to commence same time as the Dangote Refinery should be privatised immediately without further delay.
“NNPC Limited, as it is presently formulated can stand not an intense competition against the Dangote Refinery, and by that the $1.5bn spent on the rehabilitation will be futility. Refusal to privatise the Port Harcourt Refinery shall be an indication of orchestrated monopoly for the Dangote Refinery.
Obelle noted that the inflation index of Nigeria is worrisome already. He said that further increments in commodities prices could lead to more hardship for citizens.
Based on this, he suggested the running of the Port Harcourt Refinery by another private refinery, forcing down the price for the benefit of the consumers.
According to the IPMAN chairman, the MD of Port Harcourt Refinery is working seriously to meet the December deadline.
He commended President Bola Tinubu for releasing all the funds needed for the rehabilitation to achieve the target.
He stated that the plant may probably start in early January of next year or late December of this year. The refinery's current status and quality, according to him, are encouraging.
He also pointed out that one major advantage that Nigerians would experience as a result of the new $19 billion refinery is the end of the country's Petroleum scarcity period.
December deadline doubtful as new facts emerge on Port Harcourt Refinery
Legit.ng reported that more than 75% of the refinery has been finished, according to Ibrahim Onoja, the managing director of the Port Harcourt refinery project.
To demonstrate the refinery's degree of development, Onoja revealed this in a report published by the NNPCL
According to him, employees currently work both day and night shifts and have finished most of the procurement—98% of it has been delivered.
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