Fuel Price Hike: Latest Developments on Petrol Scarcity and Government’s Response
In light of the recent fuel price increase, we’ve compiled the latest news and reactions from the government and citizens.
A major breakthrough has been achieved in the Nigerian energy sector, with the announcement of the Port Harcourt Refinery’s operational startup. The facility is expected to start pumping out petroleum products, with 200 trucks ready to be loaded.
According to a presidential spokesperson, this milestone marks a significant step forward for the country’s energy sector.
The facility, which is owned by the Nigerian National Petroleum Company Limited (NNPCL), will operate at 60% capacity, as confirmed by the Chief Corporate Communications Officer, Olufemi Soneye.
It’s worth noting that the NNPCL had initially set numerous dates for the refinery’s commencement of operations, including March, August, and September 2024, but none of these dates materialized.
Another important development is the ongoing rehabilitation of the Kaduna Refining and Petrochemical Company (KRPC), which has been plagued by delays. Despite previous projections, the project’s completion date remains unclear.
As part of the rehabilitation efforts, the KRPC’s Managing Director, Dr. Mustafa Sugungun, emphasized the company’s commitment to corporate social responsibility initiatives in host communities. However, he did not provide a new timeline for the project’s completion.
The Kaduna Refinery, which has been idle for several years, plays a vital role in reducing Nigeria’s dependence on imported petroleum products.
The successful execution of the Quick Fix Project is expected to have numerous economic benefits, including job creation, support for local businesses, and a boost to the informal economy, according to the refinery’s operations manager, Emmanuel Ajiboye.
