Marketers speak on petrol price crash in 2024 as Port Harcourt Refinery, others commences operation

With the anticipated resumption of operations at the Port Harcourt Refinery in Rivers State in January, stakeholders in the downstream petroleum subsector have guaranteed that the current energy sector crisis will soon come to an end.

They made this known following the opening of the Akwa Ibom State chapters of the two industry regulatory bodies at the state capital's Ibom Icon Hotel in Uyo.

This comes after Legit.ng reported that the long-awaited Port Harcourt refinery is now ready to begin operations.

Rehabilitation to collapse petrol prices

The national president and chairman, the Board of Trustees (BoT) of NOGASA, Kenneth Korie attributed the recent increase in product pricing on imports according to a Leadership report.

He said that the only method to bring down product prices is to modernize and renovate the refineries in Port Harcourt, Kaduna, and Warri, on which he stated work has moved to an advanced degree.

He said, “I’m 100 percent sure that there will be a serious reduction in the price of petroleum products as soon as our four refineries, including the Dangote Refinery, come up. But we should not expect the price to come down like it was before, because of the high exchange rate, but it will be a bit lower than what it is now.”

Dr Billy Harry, the national president of PETROAN, described the inauguration of the two associations as unique.

According to him, it is the first time in the history of the downstream sector for such to happen. He said it is only partnership that can enable the country to overcome the challenges in the sector and ensure affordability of the product by average Nigerians.

He said, “They say in Nigeria, anything that goes up will not come down again, but I can tell you with the synergy that is coming from retail outlet owners and the suppliers’ Association of Nigeria. This is going to be something that is going to change the landscape of the economy and the economic activities downstream, so take this meeting as history.


Meanwhile, some experts argued that the expected reduction may not be significant with the operation of all expected refineries given that prices are quoted in the international market.

They explained that only the cost of logistics would be eliminated.

"N720/Litre": NNPC Speak on Reported Petrol Price Increases as Landing Costs Rise Legit.ng reported that the Nigeria National Petroleum Company Limited (NNPC) has debunked the report of an impending petrol price increase in Nigeria.

The company stated on its X page, formerly Twitter, that it does not intend any price increase as widely speculated.

The company stated on its X page, formerly Twitter, that it does not intend any price increase as widely speculated.