Stakeholders Optimistic as Port Harcourt Refinery’s Return Promises Relief in Energy Sector Crisis

Stakeholders representing the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) and the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) have expressed optimism about the imminent resolution of the energy sector crisis. They attribute this optimism to the expected resumption of operations at the Port Harcourt Refinery in Rivers State, which is anticipated to begin in January.

Following the inauguration of the Akwa Ibom State chapters of NOGASA and PETROAN at Ibom Icon Hotel in Uyo, the state capital, Mr Kenneth Korie, the national president and chairman of NOGASA, and Dr Billy Harry, his PETROAN counterpart, conveyed their confidence that the return of activity in the refineries would lead to a significant drop in petroleum product.

Mr. Kenneth Korie, attributing the current price hike to importation, emphasized that the rehabilitation and upgrade of refineries in Port Harcourt, Kaduna, and Warri, at advanced stages of completion, offer a concrete solution to lowering product prices. He stated, “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.”

While acknowledging that the price might not return to its previous levels due to the high exchange rate, Korie affirmed that it would certainly be more affordable than the current rates.

Dr. Billy Harry, the national president of PETROAN, described the joint inauguration of the two associations as unprecedented in the downstream sector’s history. He highlighted the significance of collaborative efforts between the groups in overcoming sector challenges and reinstating affordable petroleum product prices.

Expressing the uniqueness of the occasion, Dr Billy Harry emphasized, “Together we can make sure that our refineries are working again, together we can get back to the time when petroleum products are sold at what the common man could afford.” He assured stakeholders that the collaboration between retail outlet owners and suppliers’ associations would usher in positive changes in the economic landscape.

In conclusion, the stakeholders conveyed a sense of historical importance, signalling a unified approach to address challenges in the downstream sector and create lasting impacts on Nigeria’s economic activities.

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Ikenna Churchill

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