In a briefing held in Abuja on Wednesday, the Federal Government clarified that the Port Harcourt Refining Company is still in the test-run phase, with expectations that refined petroleum products will soon be available in the market.
This announcement comes as oil marketers express concerns about the potential impact of the recent depreciation of the naira against the United States dollar on pump prices for refined petroleum products.
Addressing questions about the status of the Port Harcourt refinery, the Minister of State for Petroleum Resources, Heineken Lokpobiri, informed journalists that the mechanical aspect of the refinery has been completed and the facility is currently undergoing testing. Lokpobiri stated that the MD of the refinery recently provided updates on the progress, emphasising that certain mechanical components in the refinery require time for finalisation before the production of refined products can commence.
The minister drew parallels with the Dangote refinery, highlighting that, while commissioned, it took time before product releases began. Lokpobiri expressed optimism that the Port Harcourt refinery and the Warri refinery are making progress, and with the inclusion of the modular refineries programme, Nigeria’s refining capacity is expected to see significant improvement in the coming months.
He emphasised the potential for increased value addition if refining activities are carried out domestically, citing the importance of resolving energy needs and supplying refined products to West Africa.
Regarding concerns about the cost of Premium Motor Spirit (PMS) amidst the naira’s depreciation, the National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, acknowledged the commendable efforts of the Nigerian National Petroleum Company Limited (NNPC) in providing PMS.
However, Chinedu expressed apprehension about the rise in the dollar affecting commodity prices across Nigeria, suggesting a possible hike in the price of PMS in the near future.
