After a long wait, the Port Harcourt refinery is getting closer to beginning operations while oil marketers wait patiently
There is optimism that when the refinery finally starts producing products, it will help reduce fuel prices by N150
The Dangote Refinery has already taken the bold step of reducing the diesel price from N1,700 to N1,000 per litre
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Oil marketers have visited the Port Harcourt Refinery Company in Rivers State and have expressed readiness to load Premium Motor Spirit, popularly called petrol, from the facility soon.
The Nigerian National Petroleum Company Limited has also instructed workers to prepare the refinery as soon as possible.
Port Harcourt refinery set to begin operation
PH refinery is almost ready and marketers are ready to buy at a new price Photo credit: Suzanne Plunkett Source: Getty Images
PH refinery is almost ready
Punch reports that oil marketers confirmed after a visit to the PH refinery that the facility is almost ready to release products.
They also expressed optimism that the refinery and Dangote Petroleum Refinery would crash fuel prices below N500/litre when it starts releasing products.
Legit.ng had earlier reported that the Dangote refinery is projected to start supplying petrol to the market in May.
Marketers speak on new fuel prices.
The Independent Petroleum Marketers Association of Nigeria said PH refinery might start releasing refined petroleum products this month.
IPMAN National Public Relations Officer Chief Ukadike Chinedu said independent dealers have started planning to purchase and load products from the refinery, adding that operators are optimistic about a price reduction.
On the expected petrol prices from the refinery, he said:
“NNPC is still giving us PMS at N567.7/litre, so we want to believe that the Port Harcourt refinery should give us the product at N500/litre or less than that.
Also, Punch reports that the National President of IPMAN, Abubakar Maigandi, said the refinery might sell petrol at N500/litre or below.
IPMAN president noted:
“We are happy the price of diesel is coming down, thanks to Dangote refinery. As for petrol, the sale has not started. We hope petrol too will come down to like N500.
“But if the dollar continues falling, it may go back to the normal rate”.
Dangote crash diesel to N1,000 per litre
Earlier, Legit.ng reported that the diesel price from the Dangote Refinery has now been reviewed from N1,200 to a new record of N1,000 per litre.
This came as marketers advocated reducing Dangote Petroleum Refinery’s diesel pump price to N700 to N850 per litre.
Before the refinery began production, the product was sold at a high cost due to foreign exchange issues and market situations.
Source: Legit.ng
