As Nigerians continue to express frustration over the recent hike in fuel prices by the Nigerian National Petroleum Company (NNPC) Limited, Gistreel provides the latest updates on fuel scarcity, price increases, and reactions from both the government and citizens.
Peter Obi, the former Labour Party presidential candidate in the 2023 election, has urged the federal government to prioritize transparency and accountability in managing the country’s oil resources.
According to reports, Obi made this call in response to the commencement of oil production at the Port Harcourt Refinery.
fuel scarcity
In a statement posted on his X (formerly Twitter) handle on Wednesday, the former governor of Anambra State praised the NNPC for revamping the refinery.
However, he emphasized that Nigerians are eagerly anticipating a tangible reduction in pump prices and broader economic benefits from the refinery’s operation.
The Nigerian National Petroleum Company Limited (NNPCL) has announced the resumption of operations at the Port Harcourt Refinery, a major milestone in Nigeria’s journey toward self-sufficiency in petroleum refining.
In a statement released on Tuesday, NNPCL celebrated the restart of the 60,000 barrels-per-day Old Port Harcourt Refinery and thanked Nigerians for their support.
However, in an interview with Daily Trust, Abubakar Maigandi, the Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), disclosed that only NNPCL trucks are currently loading products from the refinery.
“We are encouraged by this development, but we have not yet been invited to participate. Currently, we are sourcing products from the Dangote Refinery,” Maigandi stated. He added that pricing details remain unclear but will become evident as NNPCL retail stations adjust their rates.
Meanwhile, IPMAN officials have speculated that competition arising from the refinery’s operations could eventually lower petrol prices.
The resumption of Premium Motor Spirit (PMS) production at the Port Harcourt Refinery has sparked optimism among petroleum marketers, who believe it will enhance competition, improve product availability, and reduce prices.
Nearly a year after completing mechanical repairs, the refinery has begun processing crude oil and distributing products to the market. Reports indicate that around 100 trucks were queued on Thursday to load petrol.
The NNPCL confirmed the commencement of PMS, Automotive Gas Oil (AGO or diesel), and Household Kerosene (HHK) production during a ceremony marking the refinery’s reopening.
NNPCL Group CEO Mele Kyari hailed the achievement as a “monumental milestone” in Nigeria’s push for energy independence and a step toward ensuring affordability and accessibility in the petroleum sector.
