Marketers Speak on Petrol Price Crash in 2024 as Port Harcourt Refinery, Others Commence Operation

Marketers Speak on Petrol Price Crash in 2024 as Port Harcourt Refinery, Others Commence Operation

  • Stakeholders in the downstream petroleum subsector said that hike in petrol prices would soon become a thing of the past
  • They blamed the current hike in prices of fuel on the importation of petroleum products into the country
  • They also assured that the commencement of operation of the Port Harcourt refineries and others would trigger a fall in price if the products journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

With the anticipated resumption of operations at the Port Harcourt Refinery in Rivers State in January, stakeholders in the downstream petroleum subsector have guaranteed that the current energy sector crisis would soon end.

Experts speak on petrol price crash in 2024 as Port Harcourt Refinery, Others set to begin operation
Stakeholders guaranteed that the current energy sector crisis will soon come to an end. Photo Credit: BBC
Source: UGC

They made this known following the opening of the Akwa Ibom state chapters of the two industry regulatory bodies at Ibom Icon Hotel in Uyo, the state capital.

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This comes after reported that the long-awaited Port Harcourt refinery is now ready to begin operations.

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Rehabilitation to collapse petrol prices

The national president and chairman, Board of Trustees (BoT) of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), Kenneth Korie attributed the recent increase in product pricing on imports, according to a Leadership report.

He said that the only method to bring down product prices was to modernise and renovate the refineries in Port Harcourt, Kaduna, and Warri, on which he stated work has moved to an advanced degree.

He said:

“I’m 100 percent sure that there will be a serious reduction in the price of petroleum products as soon as our four refineries, including the Dangote Refinery, come up. But we should not expect the price to come down like it was before, because of the high exchange rate, but it will be a bit lower than what it is now.”

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Dr Billy Harry, the national president of Petroleum Products Retail Outlets owners Association of Nigeria (PETROAN), described the inauguration of the two associations as unique. According to him, it is the first time in the history of the downstream sector for such to happen.

He said it is only partnership that can enable the country to overcome the challenges in the sector and ensure affordability of the product by average Nigerians.

He said:

“They say in Nigeria, anything that goes up will not come down again, but I can tell you with the synergy that is coming from retail outlet owners and the suppliers’ association of Nigeria. this is going to be something that is going to change the landscape of the economy and the economic activities the downstream, so take this meeting as history

Meanwhile, some experts argued that the expected reduction may not be significant with the operation of all expected refineries, given that prices are quoted in the international market. They explained that only the cost of logistics would be eliminated.

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Charles Abuede, a financial analyst said,

"Well, I would say in my view that the commencement of operations at refineries like Port Harcourt and Dangote could potentially contribute to a reduction in fuel prices, as increased local refining capacity may lessen dependence on imported refined products; hence, increased supply or product availability will likely temper on price.
"However, the actual impact on prices will depend on various factors, including production costs, market dynamics, and government policies regulating fuel pricing."

"N720/Litre": NNPC speaks on reported petrol price increases as landing costs rise earlier reported that the Nigeria National Petroleum Company Limited (NNPC) debunked report of an impending petrol price increase in Nigeria.

The company stated on its X page, formerly Twitter, that there was no plan to increase prices as widely speculated.


Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science ( degree in Sociology from the University of Ilorin, Kwara State. Before, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via