The recent restart of operations at the Port Harcourt Refining Company is expected to have a major impact on Nigeria’s oil and gas sector, with experts predicting reduced fuel prices and the creation of thousands of jobs. On Tuesday, Mele Kyari, the Group CEO of the Nigerian National Petroleum Corporation (NNPC), officially inaugurated a 60,000 barrel per day production capacity at the Port Harcourt Refinery, marking a significant milestone for the nation’s energy infrastructure.

Industry stakeholders, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Product Retail Outlet Owners Association of Nigeria (PETROAN), expressed their optimism about the refinery’s potential to stimulate competition in the downstream sector. Tekena Ikpaki, IPMAN’s Chairman in Rivers State, described the event as a long-awaited achievement, noting that trucks had already begun loading products from the refinery. He emphasized that the restart of the Port Harcourt Refinery, alongside the operations of Dangote Refinery, would foster a competitive market that could lower petroleum prices.

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According to Ikpaki, the rivalry between major refineries like those of Dangote and NNPC would lead to more affordable fuel prices for Nigerians. He also noted that Dangote had already reduced prices for marine and trucking services, likely in response to the refinery’s operations. “Competition is now here, and it will favor Nigerians,” Ikpaki said.

Though still in a “test run” phase, the Port Harcourt Refinery’s reopening is expected to ramp up operations, with more trucks scheduled to load products in the coming days. The revival is seen as a crucial step toward revitalizing the Nigerian economy by creating employment opportunities and reducing dependence on imported fuel.

Joseph Obelle, the National Public Relations Officer of PETROAN, echoed similar sentiments, emphasizing that the refinery’s return to production would stimulate the local economy and lower fuel costs. Obelle also praised the leadership of President Bola Tinubu and the NNPC for their efforts in securing the funding and support necessary for the refinery’s rehabilitation.