Marketers Gear Up for Reduced Fuel Prices
In anticipation of the Port Harcourt Refining Company’s (PHRC) upcoming operations, Nigeria’s petroleum marketers foresee a marginal reduction in Premium Motor Spirit (PMS) prices.
IPMAN and MEMAN’s Readiness
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN) express readiness to load products from the PHRC once operational.
NNPCL’s Commitment to Commence Operations
NNPCL’s Group Managing Director, Mele Kyari, assures the Senate that PHRC’s operations will commence in two weeks, with mechanical works completed on PHRC, Warri, and Kaduna refineries.
Marketers’ Response and Price Expectations
IPMAN President Abubakar Maigandi confirms readiness among marketers and anticipates a marginal reduction in fuel prices upon PHRC’s production.
MEMAN’s Executive Secretary, Clement Isong, expects marginal price reduction due to locally produced fuel from PHRC.
Status of PHRC Operations
NNPCL confirms over 450,000 barrels of oil stocked in PHRC, signaling readiness to supply refined crude to the market.
Government’s Announcement and Public Expectations
The Federal Government announced PHRC’s mechanical completion in December 2023, raising expectations for local production of refined petroleum products, yet awaiting fulfillment.
Current Dependency on Imports
Nigeria currently depends on NNPCL for refined petroleum product imports, emphasizing the significance of local refinery operations.
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Credit: Doris Chinwe Omemgbeoji