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Nigerian Petroleum Regulatory Authority Predicts Lower Prices, Better Availability as Port Harcourt Refinery Resumes Operations

November 26, 2024

 

Farouk Ahmed, Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has expressed confidence in the future of Nigeria’s petroleum sector following the resumption of operations at the Port Harcourt Refinery.

 

In a statement, Ahmed emphasized the significance of this milestone, highlighting that the refinery’s restart, alongside the Dangote Refinery and the forthcoming operations of the Warri, and Kaduna refineries, positions Nigeria to become a net exporter of petroleum products rather than a net importer.

 

Ahmed described the return of the Port Harcourt Refinery as a “proud moment” for the country, marking a crucial step toward achieving greater stability and self-sufficiency in the petroleum industry.

With increased competition from various refineries, he believes consumers will benefit from more affordable prices and improved product availability. Ahmed also noted that the government’s focus has been on ensuring choice, competition, availability, and affordability in the market.

 

Written by Adeyemi Adewale




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