14 hours ago
20
The Crude Oil Refinery-owners Association of Nigeria (CORAN), has said that it would enter into meaningful conversation with the Nigerian National Petroleum Company Limited (NNPC) to make petrol from the revived Port Harcourt refinery much affordable to consumers.
The Association said petroleum products would boost domestic market distribution but it would engage authorities to get better market value in pricing as well as quality of products.
This as loaders at the refinery gantry confirmed that marketers have sustained products loading at the refinery.
Confirming the situation with loading activities in a message shared with our Correspondent at the weekend, Dibia Isaiah, Chief Security Officer, Alesa Kingdom, Rivers State, said “I am a loader, and as you can see, the refinery is operational and running smoothly. This morning, I have already loaded four trucks. We are delighted that business has finally commenced after many years.”
Spokesman of CORAN, Eche Idoko told LEADERSHIP that the Association is interested in making products available and affordable to Nigerians.
Idoko, said the return of the refinery is a boost to the industry but it would be a thing of joy if the product is affordable to Nigerians.
Also, speaking with LEADERSHIP Henry Adigun, an oil policy expert who has worked supporting oil reforms in Nigeria since 2011, said this is a good starting point and Nigeria’s vast market requires multiple suppliers to ensure price stability and supply sustainability.
Adigun said with Port Harcourt refinery now in operation distribution challenges would be eased as the volume from the facility would take care of demand from the eastern market.
He also added that this development would engender competitiveness in pricing and that soon it would reflect on pump price stability.
Also speaking, Ibrahim Yahaya, general secretary of the Petroleum Dealers Association of Nigeria (PEDAN), said though the volume output from the refinery may be about 40,000 barrels it would definitely go a long way to provide market stability.
Yahaya, said already domestic consumption of petrol has reduced by about 60 per cent going by sales record of marketers, a combination of supply from both Dangote and Port Harcourt would create effective demand and supply balance.
He also urged the NNPCL to double efforts to bring Warri and Kaduna refineries on stream.
According to Yahaya, if the company can commission both plants by Q2, 2025 the three government owned refineries could increase production by about 100,000 barrels a day which will motivate investment in the downstream industry.
He also presumed that the price of petrol would likely reduce given that the Port Harcourt refinery would be refining Nigerian crude and a guaranteed feedstock from the NNPC would support price adjustments.
