The Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed that the Port Harcourt Refinery will indeed commence operations in August 2024.
The refinery is expected to deliver between 10 and 12 million litres of petrol daily, potentially increasing the national supply to 11 to 15 million litres per day.
IPMAN’s National Operations Controller, Zarma Mustapha, confirmed this in an interview on Channels TV on Thursday.
He said that the refinery will operate autonomously and abide by current market prices with minimal government interference.
“There is this understanding that the Port Harcourt refinery is going to perform independently and sell at whatever prevailing market price for them to recover their cost.
“It is not going to be run like a government entity as it has been before. I believe that the refinery coming up, will really boost the demand and supply of PMS to nothing less than 11 to 15 million litres daily.
“I am confident and optimistic that this August deadline is going to be a realistic deadline. It will come on stream and fully produce all the necessary components that the refinery is supposed to produce. At least, at its capacity of 0,000 barrels, can give you 10 to 12 million litres of PMS,” he said.
When asked if fuel prices will reduce once the refinery begins to function, Mustapha replied:
“It depends on how much they are willing to sell. How much did they get the crude? Because they’re buying the crude at an international price too. They have to pay back the loan they took also.
“The $1.5 billion is a loan they took from one of these African financial institutions. I don’t know which one among them. They took the loan with the promise of paying back with whatever recoup from the earnings of the refinery”.