The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) confirmed that the Port Harcourt refinery is operational, producing products like diesel, kerosene, and petrol, but emphasized that it will not lead to lower petrol prices due to the weak naira.
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Osifo made this announcement during the association’s National Executive Council Meeting in Abuja on Tuesday, addressing concerns and debates surrounding the refinery’s functionality. He clarified that while the refinery is indeed operational, further maintenance is still required to ensure its full capacity is reached.
“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,” Osifo stated.
While the refinery is producing products like diesel, kerosene, and naphtha, the petrol refining process remains incomplete. Osifo explained that naphtha is currently being blended with other materials to produce petrol, but the unit responsible for producing reformate, a key ingredient for petrol, is still under maintenance.
Osifo also reassured attendees that the refinery’s operation will help create jobs and contribute positively to the economy. However, he noted that the refinery’s operations would not reduce the high cost of petroleum products due to the weakness of the naira, which is currently trading at approximately 1,700 naira to the dollar.
“The greatest challenge is the weakness of our currency. With the naira trading at 1,700 naira to 1 dollar, the cost of goods, including petroleum products, will remain high,” Osifo explained.
