Port Harcourt refinery gets green light as IPMAN confirms resumption date

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has confirmed that the Port Harcourt Refinery will commence operations in August 2024, which will increase petrol supply to 11-15 million litres daily.

In an exclusive interview with Channels TV, IPMAN’s National Operations Controller, Zarma Mustapha, revealed that the refinery will operate independently, adhering to market prices with minimal government interference.

Mustapha expressed optimism about the refinery’s August deadline, stating, “It will come on stream and fully produce all necessary components, including 10-12 million litres of PMS daily.”

When asked about potential fuel price reductions, Mustapha explained, “Prices will depend on the refinery’s production costs, crude oil prices, and loan repayments. The $1.5 billion loan from an African financial institution must be repaid from refinery earnings.”

This development promises to significantly enhance Nigeria’s fuel supply, reducing reliance on imports and potentially stabilizing prices.