Port Harcourt Refinery: Marketers Eye Fuel Price Reduction

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The Independent Petroleum Marketers Association of Nigeria and the Major Energy Marketers Association of Nigeria predict a marginal decrease in the pump price of petrol, produced from the Port Harcourt Refining Company, once the plant becomes operational next month.

IPMAN and MEMAN have also declared their readiness to load products from the facility, urging the Nigerian National Petroleum Company Limited to fulfill its promise of pumping out refined products from the plant within two weeks.

The Group Managing Director, NNPCL, Mele Kyari, announced on Friday that the Port Harcourt refinery is set to begin operations in around two weeks.

During his appearance before the Senate Ad-hoc Committee investigating the Turn Around Maintenance projects of refineries, Kyari disclosed that the mechanical works on the Port Harcourt, Warri, and Kaduna refineries had been completed, with the Kaduna refinery set to begin operations in December.

He noted that finishing the mechanical work indicates the completion of the rehabilitation work, now testing is required to assess its functionality.

He also stated that the regulatory compliance is currently ongoing, being carried out with their regulator, and it will soon be completed with an assurance that the Kaduna refinery will be ready by December.

The National President of IPMAN, Abubakar Maigandi, responded to this on Monday by informing our correspondent that marketers had been briefed about the situation and were prepared to begin product lifting.

He also mentioned that once products start coming out from the plant, the cost of petrol would decrease, emphasizing that this reduction would be marginal, and more employment opportunities for Nigerians will be created with the commencement of operations.

On his part, the Executive Secretary of MEMAN, Clement Isong, highlighted that major oil marketers have been procuring products from NNPCL's trading arm. He also noted that this particular division of the national oil company would be responsible for the products coming out of the Port Harcourt refinery.

Although the facility won't be able to supply the total volume of petrol consumers need, MEMAN will load from the plant by purchasing refined products through NNPCL's trading arm, he observed.

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