EKO HOT BLOG reports that during a briefing in Abuja on Wednesday, the Federal Government clarified that the Port Harcourt Refining Company is currently undergoing test-runs, with plans for the refined petroleum products to enter the market soon.
The announcement comes amidst concerns from oil marketers regarding the potential impact of the recent depreciation of the naira against the United States dollar on pump prices.
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Addressing the situation at an event in Abuja, Minister of State for Petroleum Resources, Heineken Lokpobiri, affirmed that the Port Harcourt refinery is still in the testing phase.
This follows the Federal Government’s announcement on December 21, 2023, regarding the mechanical completion of rehabilitation work on the Area-5 Plant of the Port Harcourt Refining Company in Rivers State.
However, despite initial expectations that the plant would commence refining operations after the Christmas break, Minister Lokpobiri clarified that the mechanical aspects have been completed, and testing is ongoing. He emphasized the complexity of the refinery’s structure, noting that its full operationalization will take time.
Minister Lokpobiri expressed optimism about increased refining capacity in the coming months, citing ongoing efforts in the modular refinery program. He highlighted the potential benefits of local refining in value addition and stressed Nigeria’s ability to address its energy needs while supplying refined products to West Africa.
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Regarding the potential impact of the naira’s depreciation on Premium Motor Spirit (PMS) prices, Chief Ukadike Chinedu, the National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, acknowledged the NNPC’s efforts in PMS supply. However, he cautioned that the rise in the dollar could affect commodity prices across Nigeria, indicating a likelihood of a price hike in PMS.
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