Fuel Marketers Considering Reduction In Fuel Prices, Preparing To Begin Loading At Port Harcourt Refinery

ABUJA, FCT, NIGERIA – The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN) are anticipating a slight decrease in the retail cost of petrol once operations commence at the Port Harcourt Refining Company.

IPMAN and MEMAN have expressed readiness to procure products from the facility and have urged the Nigerian National Petroleum Company Limited (NNPCL) to uphold their commitment to distributing refined products from the plant within two weeks.

Mele Kyari, the Group Managing Director of NNPCL, revealed that operations at the Port Harcourt refinery are set to commence in approximately two weeks.

“We completed the mechanical work at the Port Harcourt refinery, as announced in December. Crude oil is already stocked in the refinery, and we are currently conducting regulatory compliance tests, a prerequisite for every refinery before commencing operations. I assure you that the Port Harcourt refinery will start in the next two weeks,” Kyari stated.

He further mentioned the completion of mechanical work on the Warri refinery, which is also undergoing regulatory compliance processes, and assured that the Kaduna refinery would be operational by December.

In response, Abubakar Maigandi, the National President of IPMAN, affirmed that marketers had been informed of the situation and were ready to commence product distribution.

Maigandi noted that once the refinery begins production, there might be a slight reduction in petrol prices, albeit minimal.

“As independent petroleum marketers, we have instructed all our members, particularly those in the South-South region, to prepare for loading, considering its proximity. We await instructions from NNPCL to commence loading,” Maigandi remarked.

“The reduction in price is inevitable once products are released, and there will be increased availability, supplementing imported products. So, we anticipate a price change, albeit marginal.

“Moreover, the commencement of operations will generate more employment opportunities for Nigerians. IPMAN welcomes this development, especially if products start rolling out from the plant within the promised two-week timeframe,” he added.