PH Refinery: Marketers Eye Fuel Price Reduction, Ready to Load

The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN) have foreseen a slight drop in the pump price of Premium Motor Spirit (PMS), also known as petrol, once the Port Harcourt Refining Company resumes operations next month.

IPMAN and MEMAN expressed readiness to load products from the refinery, urging the Nigerian National Petroleum Company Limited (NNPCL) to fulfill its commitment of pumping out refined products from the plant within two weeks.

Mele Kyari, the Group Managing Director of NNPCL, recently announced the imminent commencement of operations at the Port Harcourt refinery, along with the completion of mechanical works at the Warri and Kaduna refineries. Kyari assured that the Kaduna refinery would commence operations in December.

Abubakar Maigandi, the National President of IPMAN, confirmed that marketers were informed of the development and prepared to commence product lifting. He anticipated a marginal reduction in petrol prices once products start flowing from the plant.

Clement Isong, the Executive Secretary of MEMAN, acknowledged that major oil marketers had been purchasing products from NNPCL’s trading arm and anticipated loading from the Port Harcourt refinery. He emphasized that while the facility might not meet the entire petrol demand, MEMAN would procure refined products through NNPCL’s trading arm.

Kyari disclosed that over 450,000 barrels of oil had been stocked into the Port Harcourt refinery, indicating its readiness to deliver refined crude to the market.

The Federal Government had earlier announced the mechanical completion of the Port Harcourt refinery in December 2023, with expectations of product availability before the end of the year. However, this did not materialize, leaving Nigerians eagerly awaiting domestic production of refined petroleum products. Currently, Nigeria relies on imported petroleum products through NNPCL.