The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN) have forecasted a slight decrease in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, once production resumes at the Port Harcourt Refining Company next month.
Both associations expressed their readiness to begin loading products from the facility and urged the Nigerian National Petroleum Company Limited (NNPCL) to fulfill its commitment to pump out refined products from the plant within the promised timeframe.
Following an announcement by the Group Managing Director of NNPCL, Mele Kyari, regarding the impending resumption of operations at the Port Harcourt refinery, IPMAN and MEMAN have mobilized their members to prepare for product lifting.
Abubakar Maigandi, the National President of IPMAN, revealed that marketers were informed of the development and are prepared to commence lifting products, particularly in the South-South region. He anticipates a marginal reduction in petrol prices once production resumes, citing increased availability of domestically refined products as a contributing factor.
Similarly, Clement Isong, the Executive Secretary of MEMAN, affirmed that major oil marketers have been purchasing products from the trading arm of NNPCL and will continue to do so once products from the refinery become available. He emphasized that while the reduction in petrol prices may be marginal, it is significant as the product is locally produced.
Mele Kyari had earlier informed the Senate that the Port Harcourt refinery has stocked over 450,000 barrels of oil, indicating its readiness to deliver refined crude to the market. Despite previous delays, the Federal Government had announced the mechanical completion of the Port Harcourt refinery in December 2023, with the expectation of products reaching the market before the end of the same year. However, this timeline was not met, leading to continued dependence on imported refined petroleum products.
As anticipation builds for the resumption of operations at the Port Harcourt refinery, Nigerians eagerly await the prospect of domestically produced refined petroleum products, potentially reducing the country’s reliance on imports facilitated by NNPCL.
