The Port Harcourt refinery is expected to significantly impact the Nigerian fuel market as it begins operations.
According to reports, the refinery’s products, including Premium Motor Spirit (PMS), are being loaded and distributed, with the aim of improving supply and competition, which should help lower fuel prices.
Currently, the refinery is operating at 60% capacity, and around 200 trucks are expected to load products daily.
In terms of pricing, however, there are concerns about the cost of PMS. Recent discussions indicate that the price could be around N1,030 per liter.
This has caused some alarm, with various stakeholders, including the Nigerian Labour Congress (NLC), calling for a reversal of the hike as it adds to the financial strain on businesses and citizens.
The government and the Nigerian National Petroleum Corporation (NNPC) have been under pressure to provide clearer communication regarding price hikes and their impact on the economy.
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