PORT HARCOURT REFINERY TEST-RUN ONGOING, MARKETERS PROJECT FUEL PRICE HIKE
Written by Oyebamiji Idowu on February 1, 2024
Oil marketers raised anxieties recently, expressing fear that the Naira’s depreciation against the dollar (currently around N1,450/USD) could translate to higher pump prices for petrol. They questioned how the Nigerian National Petroleum Company Limited (NNPCL) could maintain current subsidized fuel costs with increasing import costs.
However, at an event in Abuja, the Minister of State for Petroleum Resources, Heineken Lokpobiri, clarified that the Port Harcourt refinery, a potential source of domestic fuel production, is still undergoing final testing phases. This implies a timeline for refined products entering the market remains unclear.
While the government’s assurance offers some hope for potential price stability, the lack of a concrete timeframe for the refinery’s operational launch leaves the question of fuel price adjustments hanging. The public awaits further updates on the refinery’s progress and how it might impact future fuel costs.
Source: Jordan105.5fm News Bulletin.