Stakeholders in the oil and gas sector have emphasized that the resumption of production at the Port Harcourt refining company will spark competition, drive down petroleum product prices, and create employment opportunities for Nigerians.
This follows the recent inauguration of a 60,000-barrel-per-day capacity plant at the Port Harcourt Refinery Depot by Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), on Tuesday. Kyari also indicated that additional sections of the refinery will be completed in due course.
Industry players, including the Independent Petroleum Marketers Association of Nigeria (IPMAN), made these remarks while observing the resumption of production and the loading of trucks at the refinery in Eleme, Rivers State, on Tuesday.
Tekena Ikpaki, IPMAN Chairman in Rivers State, described the restart of the refinery as a monumental milestone. He said, “This is a memorable moment for us all, as it has been long anticipated. Now, it’s no longer a mere expectation—it’s a reality. Trucks are already coming in and loading, and we’re witnessing the process.”
Commenting on the implications of both the Port Harcourt Refinery and the Dangote Refinery operating together, Ikpaki stated that this would foster healthy competition, ultimately driving down the cost of petroleum products. He said, “With competition from Dangote and NNPCL, Nigerians will benefit. The price of products will decrease, as we’ve already seen with Dangote’s recent price reductions in marine and trucking costs.”
Ikpaki also expressed optimism about the future, noting that while Tuesday’s activities were a test run, he expects more trucks to arrive at the refinery soon, signaling that full operations are on the horizon. “The refinery has been dormant for a while, but we believe that, in no time, things will return to normal, and truck inflows will increase as they once did,” he added.
Meanwhile, the Petroleum Product Retail Outlet Owners Association of Nigeria (PETROAN) echoed similar sentiments, stating that the refinery’s reopening after five years would not only create jobs but also stimulate economic growth and increase competition in the downstream sector. Joseph Obelle, the National Public Relations Officer of PETROAN, confirmed that the resumed production would lead to a reduction in the price of Premium Motor Spirit (PMS), also known as petrol.
Obelle emphasized that PETROAN would continue collaborating with NNPCL, retail management, and other stakeholders to ensure efficient distribution of products from the Port Harcourt Refinery across the country. He also commended President Bola Tinubu and NNPCL leadership for their commitment to the refinery’s revival.
“PETROAN is confident that the refinery’s production will create job opportunities, boost the national economy, and foster competition, which will lead to price reductions,” Obelle said. He praised the leadership of Mele Kyari and his team for bringing the refinery project to fruition, adding, “Funding could have been an issue, but thanks to President Tinubu’s determination, the necessary funds were released.”
Obelle also acknowledged the support of the host communities for providing a peaceful environment for the refinery’s rehabilitation and called on the company responsible for reconstructing the Eleme section of the East-West Road to expedite the process, ensuring smooth transportation of petroleum products across the nation.
