.Fuel price to fall
.We’re determined to make Nigeria industrial hub in Africa- Tinubu
.Commends NNPCL
IBRAHIM QUADRI , Lagos with agency reports
Strong indications have emerged that the prices of Premium Motor Spirit, PMS otherwise called petrol will decrease with the coming on stream of Warri Refining and Petrochemicals Company (WRPC), in Delta State on Monday.
This latest progress follows the recent initiation of crude refining at the old Port Harcourt Refinery.
In early September, the 650,000 barrels per day Dangote Refinery located in Lagos commenced fuel production which was sold at N1,050 per litre.
But, the management of the Refinery reduced the price to N970 per litre.
This was shortly after the Nigerian National Petroleum Company Limited (NNPCL) announced that the Port Harcourt Refinery has commenced operations.
NNPC Chief Corporate Communications Officer Mr Olufemi Soneye disclosed the reduction, it was a “Historic Milestone: Port Harcourt Refinery Begins Operations.”
Thereafter, NNPCL reduced the price of petrol, across its retail outlets in Abuja. from N1,060 per litre N1,040.
Furthermore, Dangote Refinery announced a reduction in the price of Premium Motor Spirit to N899.50 per litre, in a bid to offer Nigerians some relief as yuletide season approached.
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has attributed the ongoing reduction in petrol prices to growing competition between Dangote Refinery and NNPC Limited refineries.
Several petrol stations have adjusted their pump prices following a decrease in ex-depot costs by Dangote Refinery and the Port Harcourt Refinery.
For instance, NNPCL Retail has lowered its pump price from ₦1,030 to ₦965 per litre. Similarly, other marketers like AA Rano and AYM Shafa have reduced their prices.
The recent healthy rivalry between Dangote Refinery and the NNPCL retail outlets is an indication of looming price war that will further lead to reduction in the pump price of fuel especially as Warri Refinery comes on board.
The latest reduction will ease transportation costs as the festive period ends, a time when Nigerians often face increased travel expenses.
Speaking on the Warri refinery, the operations, which are not yet running at a 100 per cent, were confirmed by the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Ltd., Mr. Mele Kyari, during a facility tour of the plant on Monday.
“We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real, he said before the tour.
He said: “I must congratulate our team for their determination and extreme belief that this company can restart this plant.
“This has brought the result we are seeing in collaboration with our contractors. We have proved that it is possible to restart a plant that you deliberately shut down. We have proved this.
“This plant has three stages. We have started stage one which is called Area 1, able to produce AGO (diesel), Kerosene, naphtha and others. These are brands of high-quality products required in the country. We will also be able to export them. This country will make money to meet the promises of Mr president that this country will be an exporter of petroleum products.
“I must put on record the development was as a result of the charge by Mr President that we must get all three refineries to work. It is already happening. We have successfully started the Port Harcourt 65,000 barrels per day refinery. We have also started the area 1 of the Warri refinery. The other plants that will produce PMS will also come live. Kaduna is also on stream. We are not going to give you a date but we will surprise you.”
The mechanical completion of the facility was initially planned for the first quarter of 2024, according to Olufemi Soneye, the spokesperson for the NNPC.
“Warri should be completed by Q1 2024,” Soneye said. This facility is one of three major refineries in Nigeria, alongside the old and new Port Harcourt Refining Company in Rivers State and the Kaduna Refining and Petrochemical Company in Kaduna State.”
Meanwhile, President Bola Tinubu has expressed his profound joy at the re-opening of the Warri Refining and Petrochemical Company by the Nigerian National Petroleum Company Limited, describing it as another remarkable achievement in 2024 that has strengthened Nigerians’ hope in his administration.
In a statement by the Special Adviser to the President on Information & Strategy, Bayo Onanuga, noted that President Tinubu has once again expressed his administration’s determination to ramp up local refining capacity and make Nigeria a hub for downstream industrial activities in Africa.
Tinubu added, “Today, the Warri Refinery returned to operation weeks after NNPC Limited restarted the 60,000 Barrels per day at the Port Harcourt Refinery in November.
“The All Progressives Congress-led administration of President Muhammadu Buhari awarded the contract for the complete rehabilitation and overhaul of the four state-owned refineries.
“President Tinubu noted with confidence that with the 125,000 (bpd) Warri Refinery now operating at 60% capacity, his administration’s comprehensive plan to ensure energy efficiency and security is entirely on course. He praised the Mele Kyari-led management of the NNPCL for working hard to restore Nigeria’s glory and pride as a major oil-producing country.
“The restart of Warri Refinery today brings joy and gladness to me and Nigerians. This will further strengthen the hope and confidence of Nigerians for a greater and better future than we promised. This development is a remarkable way to end the year following the feat recorded earlier with the old Port Harcourt Refinery. I am equally happy that NNPC Limited is implementing my directive to restore all four refineries to good working condition.
President Tinubu enjoined NNPCL to accelerate repair work on Kaduna Refinery and the 150,000 (bpd) second refinery in Port Harcourt to consolidate Nigeria’s position as a global energy provider.”
It would be recalled that the Nigeria Labour Congress (NLC), Lagos Council, recently expressed optimism that the recent reduction in petrol price by Dangote Refinery would ease transportation costs, lower the prices of goods and services, and provide financial relief for citizens struggling with the high cost of living.
Lagos NLC Chairman, Funmi Sessi, made the commendation while describing the reduction in price by Dangote as a timely economic relief for Nigerians.
According to Sessi, the reduction in petrol price by Dangote Refinery came at the right time.
For a better society
Follow us across our platforms:
Instagram – https://www.instagram.com/championnewsonline/
Facebook – https://web.facebook.com/championnewsonline
LinkedIn – https://www.linkedin.com/company/champion-newspapers-limited/
https://x.com/championnewsng/
You can also like and comment on our YouTube videos.
https://youtu.be/QIBfD1tT80w?si=R4Qf3so2LxYu3GC2
