The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN) have indicated that there could be a marginal reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, once the Port Harcourt Refining Company begins operations next month.
IPMAN and MEMAN expressed their readiness to load products from the refinery, urging the Nigerian National Petroleum Company Limited (NNPCL) to fulfill its promise of commencing operations at the plant within two weeks.
During a Senate Ad-hoc Committee session focused on investigating the Turn Around Maintenance (TAM) projects of Nigeria’s refineries, the Group Managing Director of NNPCL, Mele Kyari, announced that mechanical works had been completed on the Port Harcourt, Warri, and Kaduna refineries. He assured that the Port Harcourt refinery would start operations in the next two weeks.
Abubakar Maigandi, the National President of IPMAN, confirmed that marketers had been informed of the development and were ready to start lifting products once operations commence at the Port Harcourt refinery.
Maigandi noted that the availability of locally refined products would lead to a marginal reduction in petrol prices, in addition to creating more employment opportunities for Nigerians.
Clement Isong, the Executive Secretary of MEMAN, acknowledged that though the Port Harcourt refinery might not meet the entire demand for petrol, major oil marketers would load from the plant through the trading arm of NNPCL.
Isong emphasized that while the reduction in petrol price would be marginal, it would still be significant as the product is produced locally.
