Business

Port Harcourt Refinery’ll Crash Fuel Price, Create Jobs—IPMAN, PETRAON

Published

10 months ago

November 27, 2024

Stakeholders in the oil and gas industry have said the commencement of production at the Port Harcourt Refining Company will engender competition, crash the pump price of petroleum products and create jobs for Nigerians.

Recall that the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari had on Tuesday inaugurated a 60,000 barrel per day capacity plant at the old Port Harcourt Refinery Deport.

During the event, Kyari said the other sections of the refinery will be completed in due course.

The stakeholders, including the Independent Petroleum Marketers Association of Nigeria, said this while speaking with newsmen at the sideline of resumption of production at the Port Harcourt Refinery and loading of trucks at the facility located in Eleme, Rivers State on Tuesday.

The IPMAN Chairman in Rivers State, Tekena Ikpaki, said the coming on stream of the Port Harcourt Refinery while confirming the loading of products into trucks while describing it as a remarkable achievement.

Ikpaki stated, “This will remain memorable in our lives and in our hearts because it has been long expected.

“Now it is no longer expected, it is real, it can be seen and felt. Trucks have been coming in and loading out and we have been witnessing the process.”

Asked what the operation of the Port Harcourt Refinery and the Dangote Refinery together mean for the downstream sector, he said it will engender competition and reduce the cost of petroleum products.

Tekena stated, “You know in God’s time He makes all things beautiful and this is just the best thing that will happen to Nigerians. I mean there is super competition now in the system which is in favour of the entire Nigerians.

“When Dangote and the NNPCL are at loggerheads and they are competing, who enjoys the dividends? Of course you and I. So I believe that since the refinery has come on stream, Dangote is there too, it will further push down the price of products.

“Over the weekend, Dangote had announced price reduction both on the marine and trucking, coming from perhaps the resumed operation of the Port Harcourt Refinery. So I think price reduction will be experienced and it will be in our favour and the favour of Nigerians.”

While expressing the optimism that more trucks are expected to come into the facility to load products in the coming days, saying the event of Tuesday was a test run.

“Yes because it is still a test run. You know the place (Refinery) has been moribund for some time. For now, it is still hypothetical but in no distant time everything will be in its proper place and the inflow of trucks will be seen again the way it used to be, ” the Rivers State IPMAN Chairman said.

On its part, the Petroleum Product Retail Outlet Owners Association of Nigeria said the commencement of production after five years will create job opportunities, boost the nation’s economy and bring about competition in the downstream sector.

The National Public Relations Officer of PETROAN, Joseph Obelle said this also corroborated the opinion of IPMAN that it will lead to a reduction in the price of Premium Motor Spirit also known as Petrol.

Obellei further said the association will continue to work with the management of the NNPCL, retail management and other stakeholders to ensure that products lifted at the Port Harcourt Refinery depot are well distributed to all nooks and crannies of the nation.

He commended President Bola Tinubu and the management of the NNPCL for their commitment to reviving the refinery.

He added, “PETRAON expresses optimism for the commencement of production at the Port Harcourt Refinery.

“We are so sure that it will offer job opportunities, boost the economy of the country and trigger competition in the downstream sector which we reflect significantly to price reduction.

“We want to commend the leadership of the NNPC led by the Group CEO, Mele Kyari for demonstrating leadership with his team towards seeing the Port Harcourt Refinery becoming a reality.”

Obelle added, “Funding would have been an issue if not for the determination of Mr President. So we also commend President Bola Tinubu for releasing funds for the Port Harcourt Refinery rehabilitation.”

He lauded the host communities for providing a peaceful atmosphere for the rehabilitation of the refinery and called on the company handling the reconstruction of the Eleme section of the East-West Road to ensure speedy completion of the road for smooth movement of trucks carrying petroleum products from the refinery to other parts of the country.

Related Topics:Port Harcourt Refinery Refinery

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Business

Fuel Scarcity Looms As PENGASSAN Stops Gas, Crude Supply To Dangote Refinery

Published

3 hours ago

September 27, 2025

Editor

The industrial dispute between the Dangote Petroleum Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria took a dramatic turn on Saturday as the union ordered seven branches to cut off crude oil and gas supplies to the $20bn facility.

In a letter dated September 26 and signed by its General Secretary, Lumumba Okugbawa, the union accused the refinery’s management of sacking its members in retaliation for exercising their constitutional right to join the union.

The union’s move marks an escalation in the standoff, with PENGASSAN accusing the refinery of anti-labour practices and the unlawful sack of its members.

In the directive issued to its branch chairmen, PENGASSAN instructed its branch chairmen in key upstream and midstream oil companies, including TotalEnergies, Chevron, Seplat, Shell Nigeria Gas, Oando, and Nigerian Gas Infrastructure Company, to immediately cut off all crude oil and gas supplies to the refinery.

The directive comes after PENGASSAN alleged that Nigerian workers were sacked by Dangote Refinery after joining the union, claiming that management also withdrew staff buses and denied entry to locals while allowing expatriates access.

The union threatened to picket the refinery if the situation was not addressed.

In a statement on Friday, the refinery clarified that only a small number of workers were affected by what it described as a reorganisation aimed at preventing acts of sabotage within the facility. It said over 3,000 Nigerians remain in employment, rejecting claims of mass layoffs.

Dangote maintained that the restructuring was necessary after what it described as recurring acts of sabotage in different units of the refinery, which posed serious risks to human lives and operations.

As a result, PENGASSAN instructed its branches in TotalEnergies, Seplat, Chevron, Oando, Shell Nigeria Gas, Renaissance, and NGIC to cut gas supply to the refinery immediately.

The union described the move as “illegitimate” and accused the refinery of spreading misinformation instead of addressing the matter through dialogue.

“As you are aware, the Management of Dangote Petroleum Refinery has disengaged our members in reaction to the exercise of their constitutional right to being unionized.

“They have gone further on a mission of misinformation and propaganda to justify this illegitimacy rather than engaging meaningfully with us to right the wrong.

“Consequent to these, you are hereby directed to cut off gas supply to NGIC effective immediately. All crude oil supply valves to the Refinery should be shut. The loading operation for vessel headed there should be halted immediately,” the directive read.

The union further mandated the NGIC Chairman to ensure strict compliance with the order and told all branch chairmen to give regular updates on the action taken.

“NGIC Chairman, ensure that gas supply to the Refinery is cut off effective immediately. All chairmen on this summons are to report promptly the progress of the directive. Kindly accept the assurances of our highest esteem. Thank you,” the statement read.

Reaffirming its solidarity, PENGASSAN ended the directive with its slogan: “Injury to one! Injury to all!”

On Thursday, the company announced it would suspend petrol sales in naira from September 28 following the exhaustion of its crude-for-naira allocations.

Business

Fuel Price Hike Looms As Dangote Refinery Stops Petrol Sales In Naira

Published

11 hours ago

September 27, 2025

Editor

The Dangote Petroleum Refinery has announced the suspension of petrol sales in naira, unsettling marketers and raising fresh concerns over fuel pricing and foreign exchange pressure.

In an email sent to customers at 6:42 p.m. on Friday, the refinery said the decision would take effect from Sunday, September 28, 2025, citing the exhaustion of its crude-for-naira allocation as the reason.

The notice, titled “Suspension of DPRP PMS Naira Sales – Effective 28th September 2025” and signed by the Group Commercial Operations of Dangote Petroleum Refinery & Petrochemicals, also asked customers with ongoing naira-based transactions to formally request refunds.

“We write to inform you that Dangote Petroleum Refinery & Petrochemicals has been selling petroleum products in excess of our Naira-Crude allocations and, consequently, we are unable to sustain PMS sales in Naira going forward,” the statement read.

“Kindly note that this suspension of Naira sales for PMS will be effective from Sunday, 28th of September, 2025. We will provide further updates regarding the resumption of supply once the situation has been resolved.

“All customers with PMS transactions in Naira who would like a refund of their current payments should formally request the processing of their refund.”

The move comes amid a raging dispute between the refinery and labour unions over the alleged mass sack of more than 800 Nigerian workers. This controversy has drawn public outrage and calls for government intervention.

This is the second time the refinery has halted local currency transactions. In March 2025, it briefly suspended sales of refined products in naira, blaming inadequate allocations under the crude-for-naira programme.

Business

Naira Appreciates Massively Against US Dollar In The Black Market, Highest In 15 Months

Published

2 days ago

September 25, 2025

Editor

The naira appreciated massively against the United States dollar at the parallel foreign exchange market.

Abubakar Alhasan, a Bureau De Change operator in Wuse Zone, Abuja, told DAILY POST that the Naira strengthened significantly to N1,490 per dollar on Wednesday, up from N1,520 on Tuesday.

“We buy at N1480 and sell at N1490 on Wednesday due to lower FX demand,” Alhasan confirmed to newsmen.

This means that the Naira gained N30 against the dollar on a day-to-day basis.

The last time they were exchanged at this level in the black market was in June 2024.

Meanwhile, at the official market, it dropped marginally by N1.19 to N1,488.56 per dollar on Wednesday, down from N1,487.37, according to data from the Central Bank of Nigeria.

Analysing the trend at both markets, the difference between official and parallel markets has shrunk to 1.44.

Recall that on Tuesday, the Naira appreciated across official and parallel foreign exchange markets upon an interest rate cut by the apex bank by 50 basis points to 27 per cent.