The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has announced that the Port Harcourt Refinery is now operational, producing up to 60,000 barrels of refined petroleum products daily, including diesel, kerosene, and petrol. This update was confirmed by Festus Osifo, PENGASSAN's National President, during their National Executive Council Meeting on December 3, 2024, in Abuja.
While Osifo emphasized that the refinery is functioning, he clarified that its operations would not reduce petrol prices. He pointed out that the exchange rate of the naira against foreign currencies significantly affects the cost of refined petroleum products, underscoring the complexities of pricing in Nigeria's energy market.
He said;
“The confirmation I have today is that the refinery is working. However, I need to explain the refining process. First, we appreciate Nigerians for holding the government accountable, as we must ensure the workability of our assets. We cannot just accept everything the government tells us; we must verify it.
“We are also pleased with the media’s efforts to keep the government accountable regarding the refinery’s progress. We conducted checks with our members working there. The fractional distillation unit, commonly known as the CDU, processes crude oil by heating it at different temperatures to produce various products.”
Osifo further explained that while the Port Harcourt refinery produces diesel, kerosene, and naphtha, the refining process for petrol is still incomplete. Maintenance is ongoing, and naphtha is currently being blended with other materials to produce petrol, but the unit that produces reformate, a key ingredient, is still being finished.
“The greatest challenge is the weakness of our currency.
“With the naira trading at 1 dollar to 1,700 naira, the cost of goods, including petroleum products, will remain high,” Osifo explained.
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