Stakeholders in the Nigerian oil and gas sector have expressed optimism that the reopening of the Port Harcourt Refining Company will bring about significant benefits, including reducing fuel prices and creating jobs for Nigerians.
The long-awaited restart of the refinery was marked by the inauguration of a 60,000-barrel-per-day production capacity at the facility’s old Port Harcourt Refinery Deport on Tuesday by Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL).
Tekena Ikpaki, Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Rivers State, confirmed the commencement of operations and described it as a landmark achievement for the country.
“This will remain memorable in our lives and in our hearts because it has been long expected,” Ikpaki said.
He further explained that the operational refinery is loading products into trucks, signalling tangible progress.
Ikpaki highlighted the positive impact of the refinery’s return to operation, emphasizing that competition with other players like Dangote Refinery would drive down the cost of petroleum products.
“There is super competition now in the system, which is in favour of all Nigerians,” Ikpaki added.
He also noted that Dangote’s recent price reductions could be linked to the refinery’s resumption, promising that Nigerians would benefit from the anticipated price cuts.
With the refinery now operational, experts believe the facility’s full potential will provide economic relief for consumers and create new employment opportunities in the oil and gas sector.
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