Fuel Scarcity and Price Increase: Latest Updates and Reactions
As Nigerians continue to grapple with the recent hike in fuel prices, former presidential candidate Peter Obi has called on the government to provide transparency and accountability in the management of the country’s oil resources.
Obi made this statement in response to the resumption of oil production at the Port Harcourt Refinery, which is a significant milestone in Nigeria’s quest for self-sufficiency in petroleum refining.
In a statement, Obi commended the Nigerian National Petroleum Corporation (NNPC) for revamping the old refinery, but noted that Nigerians are eagerly awaiting the corresponding impact on pump prices and the overall economy.
The NNPC has confirmed the resumption of operations at the Port Harcourt Refinery, describing it as a “significant milestone” in the country’s bid for energy independence. The refinery, which has a capacity of 60,000 barrels per day, has begun loading petroleum products, including petrol, diesel, and kerosene.
However, the Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, revealed that only NNPC trucks are currently loading products from the refinery, with IPMAN members yet to be invited to participate.
Maigandi expressed excitement about the development, but noted that the association is currently relying on products from the Dangote refinery. He added that IPMAN is monitoring prices at NNPC retail stations to gain a clearer understanding of the pricing dynamics.
Marketers are speculating that the resumption of operations at the refinery will bring about competition, which may lead to a reduction in the price of petrol. The National Public Relations Officer of IPMAN, Olanrewaju Okanlawon, confirmed that the price of PMS has not changed yet, but believes that the development will eventually lead to price reductions.
The roll-out of Premium Motor Spirit (PMS) from the Port Harcourt Refinery has been welcomed by marketers, who believe it will deepen competition, ensure product availability, and lead to price reductions.
About 100 trucks lined up to load petrol from the refinery on Thursday, marking the commencement of crude oil processing and delivery into the market. The NNPC announced that it has commenced loading PMS, AGO, and HHK, among other products.
Speaking during a ceremony to mark the refinery’s operational restart, NNPCL Group CEO Mele Kyari described the development as a “monumental achievement for Nigeria” and a sign of progress toward energy independence.
