The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN) anticipate a slight dip in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, once operations commence at the Port Harcourt Refining Company next month.

Both IPMAN and MEMAN express readiness to begin loading products from the facility, urging the Nigerian National Petroleum Company Limited (NNPCL) to fulfill its commitment to pumping out refined products from the plant within the next two weeks.

Recently, the Group Managing Director of NNPCL, Mele Kyari, informed the Senate Ad-hoc Committee about the imminent start of operations at the Port Harcourt refinery, with mechanical works completed on refineries in Port Harcourt, Warri, and Kaduna. Kyari assured that the Kaduna refinery would also be operational by December.

Abubakar Maigandi, the National President of IPMAN, affirmed that marketers stand prepared to commence product lifting upon receiving official directives. He anticipates a marginal reduction in petrol prices once products start flowing from the refinery, particularly benefiting regions like the South-South due to proximity.

Clement Isong, Executive Secretary of MEMAN, highlighted that major oil marketers have been procuring products from NNPCL’s trading arm, which will handle the distribution of products from the Port Harcourt refinery. Isong emphasized that while the refinery may not fully meet consumer demand, MEMAN will participate in loading refined products from the plant through NNPCL’s trading arm.

NNPCL’s Kyari revealed that over 450,000 barrels of oil have been stocked at the Port Harcourt refinery, indicating its readiness to supply refined products to the market. Despite challenges like security concerns, the government remains committed to addressing operational hurdles.

While the Federal Government initially aimed for product availability from the Port Harcourt refinery by the end of last year, delays have persisted, leading to heightened anticipation for domestically refined petroleum products as opposed to continued reliance on imports through NNPCL.