Business
Competition between Dangote and Port Harcourt refineries will result in low fuel prices – NMDPRA
The Chief Executive Officer of Nigerian Midstream and Downstream Petroleum Authority (NMDPRA), Farouk Ahmed, on Tuesday, told Nigerians to expect lower fuel prices following the resumption of operation by the Port Harcourt refinery.
The Port Harcourt 445,000 barrels per day refinery commenced operations on Tuesday after several missed deadlines.
Ahmed, who addressed journalists at the opening of the refinery, said the development would engender competition between the former and the Dangote Refinery in Lagos.
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He said petroleum products would be available nationwide because of competition between the two refineries.
He said: “Products will be available nationwide. What is important is that there is now competition and there is a choice, and we will see the prices of the products come down because there is ample supply.”
The NMDPRA boss added that with Dangote and Port Harcourt refineries on stream, Warri and Kaduna would be the next exporter of petroleum products.
By: Babajide Okeowo
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