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BREAKING: Naira Exchange Rate Update: 19th March 2024

The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN) have projected a slight decrease in the retail price of Premium Motor Spirit (PMS), commonly known as petrol, with the anticipated commencement of operations at the Port Harcourt Refining Company next month....CONTINUE READING

Both IPMAN and MEMAN have eagerly expressed their readiness to begin product loading from the refinery, underscoring the importance of the Nigerian National Petroleum Company Limited (NNPCL) fulfilling its commitment to commence distributing refined products from the Port Harcourt plant within the next two weeks.

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The revival of the refinery’s operations, as confirmed by Mele Kyari, the Group Managing Director of NNPCL, during a Senate Ad-hoc Committee session focusing on investigating the Turn Around Maintenance (TAM) projects of Nigeria’s refineries, marks a significant milestone. Mechanical repairs at the Port Harcourt, Warri, and Kaduna refineries have been completed, with Port Harcourt slated to become operational shortly, followed by Kaduna in December.

This development is poised to inject a significant volume of domestically refined petrol into the Nigerian market, potentially alleviating the nation’s dependence on imported fuel and leading to a marginal reduction in pump prices.

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According to Kyari, “Completing the mechanical work means that you are done with the rehabilitation work, now you have to test to see how it works.” He assured that the Port Harcourt refinery will commence operations within the next two weeks.

The National President of IPMAN, Abubakar Maigandi, expressed readiness among marketers to commence lifting products once operations begin at the refinery. He anticipates that the cost of petrol will decrease with the availability of domestically refined products, albeit marginally.

Additionally, the commencement of operations is expected to generate more employment opportunities for Nigerians, a welcomed development by IPMAN. MEMAN’s Executive Secretary, Clement Isong, highlighted the ongoing procurement of refined products through the trading arm of NNPCL, affirming their readiness to continue purchasing from the refinery once products are released. He noted that while the facility may not meet the entire demand for petrol, MEMAN will procure refined products through NNPCL’s trading arm.

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Overall, the commencement of operations at the Port Harcourt Refinery is anticipated to have a positive impact on the availability and pricing of petrol in Nigeria.