The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN) have announced the possibility of a slight reduction in the pump price of Premium Motor Spirit (PMS), or petrol, if the Port Harcourt Refining Company resumes operations next month. Both associations expressed readiness to load products from the facility and urged the Nigerian National Petroleum Company Limited (NNPCL) to fulfill its promise of pumping out refined products from the plant within two weeks.
During a Senate Ad-hoc Committee session investigating Nigeria's refineries' Turn Around Maintenance (TAM) projects, the Group Managing Director of NNPCL, Mele Kyari, revealed that mechanical works had been completed on the Port Harcourt, Warri, and Kaduna refineries. He assured that the Port Harcourt refinery would start operations in the next two weeks, with the Kaduna refinery set to commence operations by December.
Abubakar Maigandi, the National President of IPMAN, stated that marketers were informed of the refinery's development and were prepared to start lifting products. He emphasized that once products start coming out from the plant, the cost of petrol would reduce, although the reduction would be marginal.
Clement Isong, the Executive Secretary of MEMAN, mentioned that major oil marketers had been purchasing products from the trading arm of NNPCL and would continue to do so once products from the refinery are released. He noted that while the facility might not meet all petrol volume demands, MEMAN would load from the plant by buying refined products through NNPCL's trading arm.
Both associations welcomed the development, anticipating positive impacts such as price reduction, increased product availability, and job creation for Nigerians, especially if products start coming out from the plant as promised by NNPCL.
