PH refinery: Marketers eye fuel price reduction, ready to load

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN) are anticipating a slight decrease in the pump price of Premium Motor Spirit (PMS) once operations resume at the Port Harcourt Refining Company next month.

Both associations expressed readiness to load products from the facility and urged the Nigerian National Petroleum Company Limited (NNPCL) to fulfill its promise of pumping out refined products from the plant within two weeks.

Abubakar Maigandi, the National President of IPMAN, confirmed that marketers had been informed of the development and were prepared to start lifting products. He emphasized that once production begins at the plant, the cost of petrol is expected to reduce marginally, particularly benefiting regions closer to the South-South where the refinery is located. The Port Harcourt refinery, which is set to commence operations in about two weeks, holds promise for alleviating the country’s dependence on imported petroleum products and potentially stabilizing domestic fuel prices.

Source: PUNCH

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