Nigerians Now Await Pump Price Impact, Economic Benefits —Obi on PH Refinery

Peter Obi, the 2023 Labour Party presidential candidate has congratulated the Nigerian National Petroleum Company (NNPC) on the announced revamp of the Port Harcourt refinery, describing it as a significant milestone in Nigeria’s energy sector.

In a post on X, Obi lauded the NNPC for fulfilling its long-standing promise of modernising the facility, which is said to have an installed production capacity of 60,000 barrels of crude oil per day.

He highlighted the operational readiness of the refinery, with approximately 200 trucks expected to load petroleum products daily.

However, Obi stressed the need for tangible benefits to Nigerians, particularly in terms of reduced pump prices and broader economic relief.

Nigerians now await the corresponding impact and benefits on pump prices and the overall economy,” he stated.

Obi also welcomed news of plans to revive the Kaduna refinery, expressing optimism about its potential to boost productivity, improve transportation networks, and alleviate economic burdens across the country.

While commending the NNPC’s strides, Obi underscored the importance of transparency and accountability in the management of the country’s vital oil resources.

“Nigerians deserve clarity and accountability regarding the management of these resources to ensure that the benefits of increased refining capacity reach everyone and contribute to long-term development,” he said.

It will be recalled that yesterday, after missing three prior deadlines, the Chief Corporate Communications Officer of the NNPCL, Femi Soneye announced that the Port Harcourt Refinery had commenced crude oil processing.

Despite the announcement of the Port Harcourt refinery commencing operations yesterday and the Dangote refinery being operational since September, the price of fuel in Nigeria has not decreased.

This persistent high cost continues to strain Nigerians, who are already grappling with the severe economic impact of the fuel price hike. The elevated fuel prices have triggered a chain reaction, causing food and transportation costs to skyrocket, further compounding the financial burden on households and businesses across the country.

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Oluwasegun Sanusi

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