Marketers Announce Date Another Refinery Will Begin Operation, Speaks on New Fuel Price

Marketers Announce Date Another Refinery Will Begin Operation, Speaks on New Fuel Price

  • Independent marketers have announced that the Port Harcourt refinery is set to commence operations soon
  • The marketers also expressed optimism that when the refinery finally starts releasing products, it will help reduce fuel prices
  • Already, 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

Legit.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 rehabilitation of the 210,000 barrels per day facility has been mainly completed.

PH refinery set to begin opertion
PH refinery is almost ready and marketers are ready to buy at a new price Photo credit: Suzanne Plunkett
Source: Getty Images

Ukadike Chinedu, the National Public Relations Officer of IPMAN disclosed the progress made on the PH refinery.

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Fuel price to reduce

According to Chinedu, when the refinery begins to operate, the price of petroleum products will be reduced, and adequate supply will be ensured.

Punch reports that IPMAN PRO noted that deliberate 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 is only waiting for regulatory approval to begin operating.

He also said 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, Legit.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.

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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Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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