The Independent Petroleum Marketers Association of Nigeria and the Major Energy Marketers Association of Nigeria have projected a marginal reduction in the pump price of Premium Motor Spirit, popularly called petrol, produced by the Port Harcourt Refining Company once the plant begins operations next month.
In addition, IPMAN and MEMAN called on the Nigerian National Petroleum Company Limited to fulfill its promise of pumping refined products out of the plant in two weeks’ time as they also declared their willingness to transport products from the site, according to The Punch.
Recall, that on Friday, the Group Managing Director, NNPCL, Mele Kyari, announced that the Port Harcourt refinery would commence operations in about two weeks time.
Kyari, who had appeared before the Senate ad hoc committee on investigating the various turnaround maintenance of refineries, revealed that all refineries in Port Harcourt, Warri, and Kaduna were finished with their maintenance works; he emphasised that the Kaduna refinery would resume operations in December.
He said, “We did a mechanical completion of the (Port Harcourt) refinery, that was what we said in December. We now have crude oil already stocked in the refinery. We are doing regulatory compliance tests that must happen in every refinery before you start it, and I assure you that this Port Harcourt refinery will start in the next two weeks.
“Completing the mechanical work means that you are done with the rehabilitation work, now you have to test to see how it works. Of course, we have also completed the mechanical work on the Warri refinery.
“It is also undergoing regulatory compliance; processes that we are doing with our regulator, and this will soon be completed and it will be ready. The Kaduna refinery will be ready by December. We have not reached that stage in Kaduna, but we promise Kaduna will be delivered by December.”
Commenting on this development on Monday, the National President, of IPMAN, Abubakar Maigandi, stated that marketers had been intimated of the development and were ready to start lifting products.
He stated that once products start coming out from the plant, the cost of petrol would reduce, but emphasized that this would be a marginal reduction.
“As independent petroleum marketers, immediately we received the information, we told all our members to start preparing for loading, especially those in the South-South region of the country, because it is closer to them.
“So at any time they (NNPCL) say we should come and start loading, we are ready. We are just waiting for them to start,” he explained.
In addition, 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. So we are expecting a change in price, for no matter how small the reduction is, it is still a reduction.
“Also, the commencement of operations there will create more employment for Nigerians. So it is a welcome development and IPMAN is happy about this, especially if products start coming out from the plant in the next two weeks as promised by NNPCL.”
Meanwhile, the Executive Secretary, MEMAN, Clement Isong, in his remark stated that major oil marketers had been buying products from the trading arm of NNPCL, adding that this arm of the national oil firm would be in charge of the products to come out from the Port Harcourt refinery.
He noted “Sure, we have been buying from the trading arm of NNPCL and we will continue once products from the refinery are being released. On price reduction, this is going to be marginal, because the product is being produced in Nigeria.”
The Federal Government had announced in December 2023 that the mechanical completion of Port Harcourt refinery had been completed, stating that products from the plant would get to the market before the end of last year.
However, as Nigerians are anxiously awaiting the production of refined petroleum products from refineries in Nigeria, this has not been done.
