The information was shared during a briefing in Abuja, where it was revealed that the refinery is presently undergoing trial runs and will soon commence the distribution of refined petroleum products in the market.

marketers have expressed concerns about the potential impact of the naira’s depreciation against the US dollar on fuel prices, especially with the current exchange rate standing at approximately N1,450 to a dollar.

The Nigerian National Petroleum Company Limited’s ability to sustain the supply of Premium Motor Spirit (petrol) at current rates under these circumstances has raised uncertainties among industry stakeholders.

However, the Minister of State for Petroleum Resources, Heineken Lokpobiri, addressed these worries during an event in the capital. He informed journalists that the Port Harcourt refinery is in the final stages of its trial-run phase. This announcement follows the Federal Government’s previous statement on December 21, 2023, declaring the mechanical completion of the rehabilitation work on the refinery’s Area-5 Plant.

The government had also announced the completion of the first phase of the plant, with expectations to commence refining 60,000 barrels of crude oil daily after the Christmas break.

Despite the delay, the latest update from the Ministry of Petroleum Resources indicates progress towards the refinery’s full operationalization.

This development is eagerly awaited by industry stakeholders and the Nigerian populace, as it promises to enhance domestic refining capacity, reduce dependence on imported petroleum products, and potentially stabilize fuel prices amidst fluctuating global oil prices and exchange rates.

When asked about the status of the facility on Wednesday, Lokpobiri replied, “The mechanical aspect of the Port Harcourt refinery has been completed, and they are still test-running. Yesterday the MD of the refinery was here because I had to ask him what was going on.

“These were projects that are very fundamental to our survival economically, and I believe that very soon products will start coming from there. But there are several components in that gigantic structure that will take time mechanically to finalize for products to start coming.

“Recall that the Dangote refinery was commissioned by the Buhari administration but they haven’t started releasing products because it takes time. So I believe that the Port Harcourt refinery will soon come, and the Warri refinery is in top gear.”

The minister further stated that “if you ask me, in the next few months, we would have tremendously increased our refining capacity. I was reading a report that if we refine our products here, we will get 18 times more in terms of value addition.

“So I believe that very soon the Port Harcourt refinery and the other refineries will all come on stream. This is together with our programme on modular refineries where we are giving some people 5,000 barrels, 10,000 barrels, and 30,000 barrels.”

He noted that with the summation of all these, Nigeria would be able to solve its energy needs and also supply refined products to West Africa.

On the cost of PMS, going by the crash of the naira against the dollar, the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, in a chat with Punch stated that the price of the commodity might rise.

END.