Prices of Petroleum Will Come Down As Port Harcourt Refineries Begin Operations, Says NMDPRA Boss
The Chief Executive Officer of Nigerian Midstream and Downstream Petroleum Authority, Farouk Ahmed has said the commencement of operations at the Port Harcourt Refinery will lead to a decrease in prices of petroleum products in the country.
Recall that President Bola Tinubu in 2023 announced an end to the subsidy regime, leading to a hike in the cost of petrol.
Ahmed disclosed this to newsmen at the opening of the Port Harcourt refinery on Tuesday.
According to him, products will be available nationwide because there’s no competition between Dangote Refinery and Port Hacourt Refinery.
“Products will be available nationwide. What is important is that there is no competition and there is a choice, and we will see the prices of the products come down because there’s ample supply”.
The NMDPRA boss added that with Dangote and Port Harcourt refineries on stream, Warri and Kaduna will be the next exporter of petroleum products.
The Nigerian National Petroleum Company Limited, NNPCL, had earlier announced the commencement of crude oil processing at the government-owned facility.
The commencement of production at the Port Harcourt refinery comes after a series of failed deadlines. More
