JUST IN: Hope Rises As Oil Marketers Unveils Plan for New Petrol Price After PH Refinery Begins Operations

Hope Rises As Oil Marketers Unveils Plan for New Petrol Price After PH Refinery Begins Operations

Hope Rises As Oil Marketers Unveils Plan for New Petrol Price After PH Refinery Begins Operations

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Marketers have expressed hope for reduced petrol prices with the commencement of operations at the RefineryTwo major marketers' associations have said that more affordable petrol prices are expected as tankers prepare to receive products from the refineryThe Group Managing Director of NNPC, Mele Kyari, announced that the Port Harcourt refinery will commence operations

Henzodaily.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the economy, stocks, and general market trends.

The Independent Petroleum Marketers Association of have projected a marginal reduction in the pump price of Premium Motor Spirit, popularly called petrol.

The marketers stated that the reduced price will come into effect once the Port Harcourt Refining Company begins operations next month.

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Port Harcourt refinery set to begin operationPort Harcourt refinery set to begin operation
credit: Pius Utomi Ekpei
Source: Getty Images

Earlier, Henzodaily.ng reported that Mele Kyari, the Group Managing Director of Nigerian National Petroleum Company Limited (NNPC), announced that the Port Harcourt refinery would commence operations in about two weeks.

The marketers, therefore, urged the NNPCL to fulfil its promise of pumping refined products from the plant in two weeks as they are ready to load products from the facility.

Marketers wait for the PH refinery.

Abubakar Maigandi, the National President of IPMAN, Abubakar Maigandi stated that once products start coming out from the plant, the cost of petrol would reduce, but stressed that this would be a marginal reduction, Punch reports

He said:

“Price reduction is obvious when they start releasing products, and there will be availability because it would serve as support to the imported products.

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“So we are expecting a change in price, for no matter how small the reduction is, it is still a reduction.”

He added that the members of IPMAN are ready to load products from the PH refinery and are only waiting for NNPCL.

Dangote Refinery finally sets date to sell fuel to

Henzodaily.ng reported that the 's biggest train refinery, the Dangote Refinery, has made an essential move by issuing tenders to sell its first two fuel cargoes for export.

The development is an essential step for the newly launched refinery, which has generated a buzz in the industry.

A report quotes three sources saying that the first cargo of 65,000 metric tons of sulphur straight-run fuel oil, which Dangote has awarded to Trafigura, is due to load at the end of February.

Source: Henzodaily.ng

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