Fuel costs in Nigeria are anticipated to decrease once the Port Harcourt Refinery recommences operations, according to the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN).
The national petroleum company of Nigeria has pledged that the refinery will be operational within two weeks, prompting preparations by marketers to receive products from the facility.
Both IPMAN and MEMAN have urged the Nigerian National Petroleum Company Limited (NNPC) to adhere to the schedule for loading products from the refinery, as promised by the NNPC to commence operations by the end of the month.
NNPC Chairman Mele Kyari confirmed last week that the Port Harcourt refinery had completed mechanical work and was undergoing regulatory compliance tests necessary for refinery operations to begin. He assured that the refinery would be operational within the next two weeks.
Following an interview with IPMAN’s National President Abubakar Maigandi, a report by the Punch newspaper revealed that IPMAN members were informed of the development and are prepared to commence product lifting.
Maigandi emphasized the potential for a reduction in fuel prices and increased availability once refinery operations begin, noting the positive impact on employment opportunities for Nigerians.
MEMAN’s Executive Secretary, Clement Isong, confirmed that major oil marketers have procured products from NNPC’s trading arm and will continue to do so once products from the Port Harcourt refinery are available. Isong highlighted the marginal reduction in fuel prices expected due to local production, underscoring the significance of the refinery’s operations for the Nigerian fuel market.
