The successful revamp of the Port Harcourt Refinery, managed by the Nigerian National Petroleum Company Limited (NNPCL) signals a new beginning for Nigeria and by extension, Nigerians.
Whatever the case may be, whatever the future may bring, one thing remains, this competition is one that will benefit Nigerians.
In fact, stakeholders in the oil and gas industry have expressed optimism that the commencement of production at the Port Harcourt Refining Company will drive competition.
They say this competition will in-turn reduce the pump price of petroleum products, and create job opportunities for Nigerians.
Two things Nigerians have prayed for so long, cheap petrol and jobs.
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, inaugurated the 60,000-barrel-per-day capacity plant at the old Port Harcourt Refinery Depot on Tuesday.
Kyari assured Nigerians that other sections of the refinery would be completed in due course.
Port Harcourt Refinery; The Game Changer
The resumption of production has been lauded as a significant milestone in Nigeria’s efforts to strengthen its downstream petroleum sector.
For the Independent Petroleum Marketers Association of Nigeria (IPMAN), the refinery’s operation as a game-changer.
The Chairman of IPMAN in Rivers State, Tekena Ikpaki, commended the achievement.
His words: “The coming on stream of the Port Harcourt Refinery is a remarkable achievement. This development will enhance product availability, reduce costs, and boost employment in the sector.”
Other stakeholders echoed similar sentiments, highlighting the potential for the refinery to stabilize the supply chain, reduce reliance on imported petroleum products, and ensure competitive pricing.
Port Harcourt Refinery Vs Dangote Refinery
Ikpaki stated: “This will remain memorable in our lives and in our hearts because it has been long expected.
“Now it is no longer expected, it is real, it can be seen and felt. Trucks have been coming in and loading out and we have been witnessing the process.”
Asked what the operation of the Port Harcourt Refinery and the Dangote Refinery together mean for the downstream sector, he said it would engender competition and reduce the cost of petroleum products.
Tekena stated: “You know in God’s time He makes all things beautiful and this is just the best thing that will happen to Nigerians.
I mean there is super competition now in the system which is in favour of the entire Nigerians.”
Also Read: Port Harcourt Refinery: Why Dangote May Not Be Happy
“When Dangote and the NNPCL are at loggerheads and they are competing, who enjoys the dividends? Of course you and I.
So I believe that since the refinery has come on stream, Dangote is there too, it will further push down the price of products.”
“Over the weekend, Dangote had announced price reduction both on the marine and trucking, coming from perhaps the resumed operation of the Port Harcourt Refinery.
So I think price reduction will be experienced and it will be in our favour and the favour of Nigerians.”
The Coming Days
While expressing the optimism that more trucks are expected to come into the facility to load products in the coming days, saying the event of Tuesday was a test run.
“Yes because it is still a test run. You know the place (Refinery) has been moribund for some time.
For now, it is still hypothetical but in no distant time everything will be in its proper place and the inflow of trucks will be seen again the way it used to be,” the Rivers State IPMAN Chairman said.