PortHarcourt refinery working, but won’t reduce petrol price — PENGASSAN
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has confirmed that the Port Harcourt refinery, with a daily production capacity of 60,000 barrels, is operational and producing refined petroleum products such as diesel, kerosene, and petrol.
Speaking at PENGASSAN’s National Executive Council Meeting on Tuesday, December 3, in Abuja, National President Festus Osifo addressed skepticism about the refinery’s functionality. However, he clarified that its operations would not result in lower petrol prices, citing the significant impact of the naira’s exchange rate on the cost of refined products.
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.”
“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 added.
