Oil marketers and experts assert that the Port Harcourt and Dangote refineries' operational kickoff would lead to a decrease in refined product costs.
Although not an immediate significant crash, there is optimism among Nigerians for reduced prices, as local production eliminates import charges and associated fees in dollars.
The National Secretary of IPMAN, Chief John Kekeocha, emphasizes a potential impact on prices, while PETROAN concurs, anticipating a moderate reduction.
The National PRO of IPMAN, Chief Ukadike Chinedu, shares optimism, highlighting the positive influence on product costs, emphasizing the shift towards local production.
"My administration recognises that no meaningful economic transformation can happen without steady electricity supply. In 2024, we are moving a step further in our quest to restart local refining of petroleum products with Port Harcourt Refinery, and the Dangote Refinery which shall fully come on stream," President Tinubu said.
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