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_Port Harcourt Refinery Set to Produce 12 Million Liters of Petrol Daily, Begins Next Month!

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has confirmed that the Port Harcourt refinery is on track to meet its August deadline for producing petroleum products. According to IPMAN's National Operations Controller, Zarma Mustapha, the refinery will produce 10 to 12 million liters of petrol daily, significantly boosting the country's energy supply.

In an interview with Channels TV, Mustapha stated that the refinery will operate independently, selling at prevailing market prices with minimal government interference. This approach aims to ensure the refinery's sustainability and efficiency.

The refinery's production capacity is expected to increase the country's daily supply of petroleum products to 11 to 15 million liters. Mustapha expressed confidence in the refinery's ability to meet the August deadline, citing its capacity to produce 10 to 12 million liters of petrol daily.

However, Mustapha noted that the refinery's impact on petrol prices remains uncertain, as the operators will need to recover their operational costs, including a $1.5 billion loan obtained in 2021. The refinery's ability to reduce petrol prices will depend on its pricing strategy, considering the international market prices of crude oil.

Nigeria's lack of functional public refineries has led to reliance on imported refined petroleum products, affecting the economy. The Port Harcourt refinery's restart is part of efforts to revitalize the nation's refining capacity and reduce dependence on imports. While previous deadlines have been missed, IPMAN's confirmation provides hope for a positive development in the country's energy sector.