The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN) are gearing up for a potential drop in the pump price of Premium Motor Spirit (PMS), also known as petrol, as the Port Harcourt Refining Company gears up to commence operations next month.
IPMAN and MEMAN have expressed their readiness to begin loading products from the refinery, awaiting the Nigerian National Petroleum Company Limited’s (NNPCL) promised commencement of refined product pumping within two weeks.
Last Friday, the Group Managing Director of NNPCL, Mele Kyari, informed the Senate Ad-hoc Committee about the forthcoming operation of the Port Harcourt refinery, emphasizing that mechanical works had been completed on the Port Harcourt, Warri, and Kaduna refineries.
Abubakar Maigandi, the National President of IPMAN, confirmed that marketers had been alerted about the development and were prepared to start lifting products. He anticipated a marginal reduction in petrol prices once production commences.
Similarly, Clement Isong, the Executive Secretary of MEMAN, noted that while the facility may not fulfill all petrol demands, major oil marketers would procure refined products through NNPCL’s trading arm.
Kyari had informed the Senate that over 450,000 barrels of oil had been stocked into the Port Harcourt refinery, indicating its readiness to supply refined crude to the market.
The completion of mechanical works at the Port Harcourt refinery, initially announced in December 2023, raised hopes for local production of refined petroleum products, which would reduce the nation’s dependence on imported fuel.
Nigeria’s anticipation for domestic refining capabilities underscores the significance of the Port Harcourt refinery’s operation in bolstering the nation’s energy security and reducing reliance on imported petroleum products.
