“Marketers Targets Petrol Price Below N500/Litre as Port Harcourt Refinery Begins Operations”

Date:

  • NNPC’s Mele Kyari: Port Harcourt Refinery to Begin Operations Within Two Weeks
  • Dangote Petroleum Refinery Anticipated to Further Reduce Petrol Prices
  • Diesel Prices Set to Drop Nationwide to N1000/Litre Following Dangote Group’s Announcement

Oil marketers are making preparations to load refined petroleum products from the Port Harcourt Refining Company (PHRC) following directives from the Nigerian National Petroleum Company Limited (NNPC) to ready the facility for production.

Thank you for reading this post, don't forget to subscribe!

According to dealers, the PHRC is nearing readiness to release products, with expectations of Premium Motor Spirit (PMS) priced around N500 per litre from the Port Harcourt refinery in Rivers State.

Dealers are also hopeful that the imminent operation of the Dangote Petroleum Refinery will further reduce PMS prices below N500 per litre when it begins supplying petrol to the market in May, having already started supplying diesel.

Operators from the Independent Petroleum Marketers Association of Nigeria (IPMAN), Rivers State Branch, visited the Port Harcourt refinery and confirmed that production of refined petroleum products is expected to commence this month, signaling progress toward operation readiness.

The National Public Relations Officer of IPMAN, Chief Ukadike Chinedu, confirmed that marketers, especially independent dealers, are strategizing on purchasing and loading products from the refinery, anticipating a price reduction.

Responding to inquiries about the expected PMS price from the refinery, Ukadike stated that a specific price has not been set yet. However, given the current NNPC price of N567.7 per litre, the expectation is that the Port Harcourt refinery will supply at N500 per litre or lower.

Efforts are actively ongoing at the refinery to commence production of petrol and other refined products, aligning with recent NNPC announcements.

In a recent briefing, the Group Chief Executive Officer of NNPC Ltd, Mele Kyari, disclosed that the Port Harcourt refinery would commence operations within two weeks, emphasizing completion of mechanical works at the Port Harcourt, Warri, and Kaduna refineries.

He assured that the Port Harcourt refinery would start operations soon, with preparations including regulatory compliance tests.

Oil marketers are now arranging for bulk purchases to meet potential refinery supply demands, aligning with the successful model used by Dangote Petroleum Refinery for diesel sales.

Anticipation is also high for the Dangote refinery’s entry into the petrol market, with expectations of further price reductions below N500 per litre, especially with the recent drop in diesel prices driven by Dangote’s operations.

While industry associations like the Major Energies Marketers Association of Nigeria (MEMAN) expect petrol prices to align with import parity rates, independent marketers remain hopeful for significant price reductions due to increased refinery operations and favorable market conditions.

The upcoming availability of diesel at N1000 per litre nationwide, as announced by the Dangote Group, signals a positive trend in pricing that could extend to other refined products like petrol, benefitting consumers and the overall market.


Discover more from Naija247news

Subscribe to get the latest posts to your email.

Share post:

Subscribe

Popular

More like this
Related

Student Loan Application Portal Is Now Live – NELFUND

May 24, 2024. Azonuchechi Chukwu. The Nigerian Education Loan Fund (NELFUND),...

ACCI President Bags Prestigious Legal Award

May 24, 2024. Azonuchechi Chukwu. The President of the Abuja Chamber...

Sanusi’s Reinstatement in Kano’s Best Interest, Says Gov Yusuf

May 24,2024. Kano State Governor, Abba Yusuf, on Thursday, reinstated...

PDP must convert to zoning – Bode George

May 24,2024. A former Peoples Democratic Party, PDP, National Deputy...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading