Price Set To Drop As Date When Three Mega Nigerian Refineries Will Start Operation Is Revealed

The Downstream Committee of the Nigerian Senate has announced that the three government-owned refineries will be fully operational before January 2025.

This development may lead to a reduction in the price of the product since Nigerian marketers may no longer need to import refined fuel from other countries using US dollar which usually increases the price.

Senator Jide Ipinsagba, Vice Chairman of the Committee and representative of Ondo North Senatorial District, confirmed that the retrofitting of the Kaduna, Warri, and Port Harcourt refineries is nearing completion.

Ipinsagba also noted that the Dangote refinery in Lagos State will soon commence the refining of Premium Motor Spirit (PMS), also known as petrol. He expressed the committee’s satisfaction during their on-the-spot assessment as part of their oversight duties for the refineries.

He emphasized that after meeting domestic needs, refined petroleum products would be available for export.

“Efforts are in high gear to ensure all the refineries are functioning before the end of this year. We have conducted oversight inspections of all the refineries and received promising updates based on our observations.

“The Port Harcourt refinery is currently at about 90 to 95 percent completion in terms of retrofitting. Warri is nearly 80 percent, and Kaduna is approximately 70 percent complete.

“The Dangote refinery is ready to commence operations soon. With these developments, meeting internal fuel consumption needs will not be an issue, and we will also have the capacity to export refined oil,” Ipinsagba stated.

The post Price Set To Drop As Date When Three Mega Nigerian Refineries Will Start Operation Is Revealed first appeared on Newsdirect.