Following the long-awaited announcement of the recommencement of petrol refining at the Port Harcourt refinery by the Nigerian National Petroleum Company (NNPC) Limited, oil marketers have shared their reactions and thoughts on the implications for the industry.
The refinery, which had been inactive for years, has finally resumed operations, with trucks now loading petrol, diesel, and kerosene from the facility. NNPC’s Group CEO, Mele Kyari, hailed this development as a monumental achievement for the country, emphasizing its importance for Nigeria’s energy independence and economic growth. Kyari also expressed gratitude to President Bola Ahmed Tinubu for his unwavering support of the refinery rehabilitation project.
In response to the news, Alhaji Abubakar Maigandi Shettima, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), voiced his optimism about the refinery’s reopening, describing it as a positive development for both the nation and the oil sector.
However, Shettima highlighted that oil marketers are eagerly anticipating NNPC’s announcement of the pricing for refined products. He emphasized that the disclosed prices will significantly impact the actions and decisions of marketers moving forward.
“We are pleased with the reopening of the refinery, which is indeed good news for everyone. However, our next steps will be determined by the pricing strategy adopted by NNPC. We look forward to hearing their pricing structure before making any further assessments,” Shettima remarked.