By Mohammed Bello Doka
Fuel marketers are gearing up for a potential reduction in fuel prices as operations at the Port Harcourt Refining Company (PHRC) are set to commence. Both the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN) are optimistic about the prospects of a slight decrease in petrol prices once the refinery starts production.
Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), announced that the mechanical completion of the PHRC has been achieved, with crude oil already stocked in the facility. Regulatory compliance tests are underway, with operations expected to kick off in approximately two weeks. Similar progress is reported for the Warri refinery, with the Kaduna refinery slated for completion by December.
Abubakar Maigandi, the National President of IPMAN, affirmed that marketers have been informed about the imminent commencement of operations at the PHRC and are ready to begin distribution. He highlighted the potential for a slight reduction in petrol prices once production begins, emphasizing the positive impact on availability and employment opportunities for Nigerians.
Maigandi further stated that IPMAN members, particularly those in the South-South region, have been instructed to prepare for loading as soon as the refinery is operational. The anticipated reduction in fuel prices, albeit minimal, is viewed as a welcome development by IPMAN, with expectations high for positive changes in the market in the coming weeks.
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