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Monday, April 15, 2024

Marketers Anticipate A Drop In Fuel Prices At The PH Refinery, Ready To Load

Marketers anticipate a drop in fuel prices at the PH refinery, ready to load

The Independent Petroleum Marketers Association of Nigeria
and Major Energy Marketers Association of Nigeria are predicting a slight decrease in petrol pump prices from the Port Harcourt Refining Company’s plant, which is set to open next month. They are also urging NNPCL to fulfill its promise of pumping refined products in two weeks.

The Port Harcourt refinery has completed mechanical work, with crude oil now stocked. Regulatory compliance tests are underway, and the refinery is expected to start in two weeks. Mechanical work on the Warri refinery is also being completed, and the Kaduna refinery is expected to be ready by December.

Independent petroleum marketers, IPMAN, have been informed of a development involving a plant, and are ready to start lifting products. The National President, Abubakar Maigandi, stated that the cost of petrol would reduce marginally once products are released, especially in the South-South region.

Nigerian oil marketers are anticipating price reductions as products are released, supporting imported products. The commencement of operations will create more employment for Nigerians, and the Nigerian Petroleum Marketing Association (IPMAN) is happy about this development, especially if products start coming out from the Port Harcourt refinery in the next two weeks.

MEMAN plans to load petrol volumes from the plant by buying refined products from NNPCL’s trading arm. Price reduction will be marginal due to Nigerian production. Over 450,000 barrels of oil have been stocked into Port Harcourt refinery, indicating the plant is ready to deliver refined crude to the market. NNPCL boss assures integrity despite potential security issues.
The Federal Government announced in December 2023 that Port Harcourt refinery’s mechanical completion was near, but products were not released, leading to Nigerians importing refined petroleum products.

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