Hope Rises As Oil Marketers Unveil Plan for New Petrol Price When PH Refinery Begins Operations

• Marketers have expressed hope for reduced petrol prices with the commencement of operations at the Port Harcourt Refinery
• Two major marketers' associations have said more affordable petrol prices are expected as tankers prepare to receive products from the refinery
• The group managing director of NNPC, Mele Kyari, announced that the Port Harcourt refinery will commence operations

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has projected a marginal reduction in the pump price of Premium Motor Spirit, popularly called petrol.

The marketers announced that the reduced price would be implemented once the Port Harcourt Refinery commences operations in a few weeks.

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Earlier, Legit.ng reported that Mele Kyari, the group managing director of Nigerian National Petroleum Company Limited (NNPC), announced that the Port Harcourt refinery would commence operations in about two weeks.

The marketers, therefore, urged the NNPCL to fulfil its promise of pumping refined products from the plant in two weeks as they are ready to load products from the facility.

Marketers wait for the PH refinery.

Abubakar Maigandi, the national president of IPMAN, explained that once products start flowing from the plant, the cost of petrol would decrease.

However, he clarified that this reduction would be marginal, as reported by Punch.

He said:

“Price reduction is obvious when they start releasing products, and there will be availability because it would serve as support to the imported products.

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"So we are expecting a change in price, for no matter how small the reduction is, it is still a reduction."

He added that the members of IPMAN are ready to load products from the PH refinery and are only waiting for NNPCL.

Dangote Refinery to sell fuel to Nigerians

Earlier, Legit.ng also reported that world's biggest single-train refinery, the Dangote Refinery, made an essential move by issuing tenders to sell its first two fuel cargoes for export.

The development is an essential step for the newly launched refinery, which has generated a buzz in the industry.

A report quotes three sources saying that the first cargo of 65,000 metric tons of sulphur straight-run fuel oil, which Dangote has awarded to Trafigura, is due to load at the end of February.

Source: Legit.ng