PH Refinery Reopens, and expected to produce 5million letrs of petrol daily

According to the NNPC the kaduna refinery is expected back on stream next week – Adds that the spring switch of European petroleum refiners would be capitalised on to stockpile petrol for Nigeria The lingering fuel scarcity which has crippled many economic activities will soon become a thing of the past if recent reports are anything to go by. This is because the Nigerian National Petroleum Corporation (NNPC) has informed of the reopening of the Port Harcourt refinery where a daily production of five million litres of petrol would be made.In an address by Garuba Deen Mohammed, the group general manager, public affairs of the NNPC and Justine Ezeala, the executive director, supply and distribution, on Tuesday, April 12, it was gathered that the refinery came back on stream last week and is now very efficient. According to Leadership reports, the NNPC stalwarts who also conducted a monitoring exercise of fuel supply situation at petrol stations within Abuja and environs, informed further that it expects the Kaduna refinery to come back on stream next week. The NNPC has also vowed to take advantage of the spring switch in refining activities of European petroleum refiners to stockpile petrol into strategic reserves for the country. Meanwhile, reports surfaced on Tuesday also, that crude prices rose to a four-month high ahead of a meeting of oil producers in Doha on Sunday, April 17. According to a report on Reuters, Brent crude prices rose to $43.06, on Monday, April 11, the highest level since December 7. The new rate comes as a welcomed development to the President Muhammadu Buhari-led federal government as he had submitted a budget which pegged oil benchmark at $38per barrel.