Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Excitement has erupted in Eleme, near Port Harcourt, Rivers state, on Sunday, June 29, 2025, as flames flared at the second Port Harcourt Refinery, also known as PHR 2.

This development has sparked renewed hope among petroleum marketers that the long-awaited 150,000-capacity new refinery would soon commence operation.

Locals around the refinery's facility expressed optimism that locally refined products could soon flood the domestic market.

Petroleum marketers in the facility reported that the flare, used to burn off unwanted gases during production processes, was activated, signalling a huge step towards operational readiness.

This gives hope for cheaper and more readily available options for oil marketers to purchase locally.

More local production of petroleum products in Nigeria will help boost the naira, as importing them puts heavy pressure on the currency.

According to BusinessDay, since 2021, over 1 billion dollars has been invested in rehabilitating the Port Harcourt Refineries.

The Nigerian National Petroleum Company Limited (NNPC) has reiterated its commitment to commence production at the refurbished refinery before the end of 2025.

Aside from the PH2, the older Port Harcourt refinery, which was shut down in May for emergency repairs, is also undergoing testing and could resume production soon.

Sources in Eleme said marketers have called for the production of petrol at the refineries.

They said only kerosene and diesel were produced before now.

In May, speaking on Channels TV, Economist and energy analyst Kelvin Emmanuel said the Dangote Refinery is currently the only facility in Nigeria genuinely producing Premium Motor Spirit (PMS), also known as petrol.

Emmanuel dismissed claims about reviving state-owned refineries, insisting they are either inactive or merely blending products rather than refining them.

He declared:

“I’ve always said it, and I stand by it: the only refinery in Nigeria producing PMS is Dangote.

“Dangote is producing 44 million litres of PMS daily. In contrast, NNPC is not refining PMS they are only blending.”

Earlier, Legit.ng reported that the NNPC Limited announced an increase in the pump price for Premium Motor Spirit (PMS) for Nigerians.

The latest change followed recent adjustments experienced at depots and also at Dangote refinery.

The new fuel price at filling stations is expected to cause a transportation fare increase across the country. Also, Ardova, Mobil, Petrocam, Hyden, Matrix and other filling stations have made changes to their pump price above N900 per litre.

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Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng