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Oil marketers anticipate marginal petrol price drop as PH refinery resumes operations

Independent and Major Marketers Prepare for Port Harcourt Refinery Restart Amid Promises of Fuel Price Reduction

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN) have forecasted a slight decline in the pump price of Premium Motor Spirit (PMS) once production resumes at the Port Harcourt Refining Company next month.

Following announcements by the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, regarding the imminent restart of operations at the refinery, IPMAN and MEMAN have expressed readiness to commence product loading as soon as the plant becomes operational.

Abubakar Maigandi, the National President of IPMAN, confirmed that members had been notified of the impending development and were prepared to begin lifting products. He emphasized that the resumption of production would lead to a marginal reduction in petrol prices, albeit welcomed by consumers.

Similarly, Clement Isong, the Executive Secretary of MEMAN, highlighted that while the Port Harcourt refinery might not meet all consumer demands, major oil marketers would procure refined products through the trading arm of NNPCL. Isong acknowledged the potential for a marginal price reduction, citing the domestic production of petrol as a contributing factor.

Mele Kyari’s reassurances to the Senate Committee investigating refinery maintenance projects further bolstered expectations, with over 450,000 barrels of crude oil already stocked at the Port Harcourt facility. Despite previous delays in refinery operations, Kyari expressed confidence in the refinery’s integrity and readiness to deliver refined products to the market.

The Federal Government’s commitment to refinery rehabilitation and local production aligns with efforts to reduce reliance on imported petroleum products. While Nigerians await the fruition of these efforts, IPMAN and MEMAN remain optimistic about the potential benefits of domestic refinery operations, including job creation and enhanced fuel availability.

The impending restart of the Port Harcourt refinery signifies a significant step towards achieving Nigeria’s energy independence, with hopes pinned on the realization of reduced petrol prices and increased access to locally refined petroleum products.

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