President Bola Tinubu has said that the country is restarting local refining with the Port Harcourt and Dangote refineries.
The president stated this in his New Year broadcast to the nation.
Tinubu in the speech said the two refineries would fully come on stream this year.
The Nigerian National Petroleum Company Limited has commenced the supply of crude oil for the test-running of the Port Harcourt Refining Company Limited.
Oil marketers confirmed the development and stated that the plant would supply refined Premium Motor Spirit, popularly called petrol, Automotive Gas Oil, otherwise known as diesel, as well as other products to 12 states including Abia, Rivers, Akwa Ibom, and Delta, among others.
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The NNPCL stated that the ongoing test-running of the plant would be completed shortly, adding that commercial production of refined products would also begin shortly.
This came as experts and downstream operators stated that though the cost of refined products would reduce once the Port Harcourt and Dangote refineries start pumping out products, it would not lead to a massive price crash.
Nigeria for decades had been importing refined petroleum products due to the break down of all the four local refineries owned by the Federal Government.
