The Federal Government confirmed on Wednesday that the Port Harcourt Refining Company is currently undergoing test runs, with refined petroleum products expected to enter the market shortly. This announcement came during a briefing in Abuja amid concerns from oil marketers about the recent depreciation of the naira against the United States dollar, which could potentially lead to increased pump prices for refined petroleum products.
Oil marketers expressed apprehension regarding the Nigerian National Petroleum Company Limited’s ability to sustain the supply of Premium Motor Spirit (petrol) at current costs, given the unfavorable exchange rate where one dollar now equals about N1,450. Meanwhile, Minister of State for Petroleum Resources, Heineken Lokpobiri, affirmed during an event in Abuja that the Port Harcourt refinery is still in the testing phase.
Lokpobiri assured journalists that the refinery, alongside others, is anticipated to resume full operations soon. He also mentioned the government’s modular refineries program, which aims to bolster domestic refining capacity by supporting various refineries with capacities ranging from 5,000 to 30,000 barrels.
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