The Downstream Committee of the Nigerian Senate has announced that the three government-owned refineries will be fully operating by January 2025.
This event may result in a drop in the product's price because Nigerian merchants will no longer need to import refined fuel from other nations using the US dollar, which typically raises the price.
Senator Jide Ipinsagba, Vice Chairman of the Committee and representative of Ondo North Senatorial District, acknowledged that the retrofitting of the Kaduna, Warri, and Port Harcourt refineries is nearly complete.
Ipinsagba further stated that the Dangote refinery in Lagos State will soon start refining Premium Motor Spirit (PMS), better known as petrol. He indicated the committee's satisfaction during their on-the-spot inspection as part of their oversight responsibilities for the refineries.
He highlighted that after meeting domestic requirements, refined petroleum products will be ready for export.
"Efforts are intensifying to ensure that all refineries are operational by the end of the year. We conducted oversight inspections of all refineries and received encouraging results based on our findings.
"The Port Harcourt refinery is currently 90 to 95 percent complete in terms of retrofitting. Warri is around 80 percent complete, whereas Kaduna is about 70 percent.
"The Dangote refinery is poised to start operations soon. With these advances, we will be able to meet our internal fuel consumption needs while also having the capacity to export refined oil," Ipinsagba stated.