Information from oil marketers indicates that there are preparations for Port Harcourt Refinery to make Premium Motor Spirit (commonly known as fuel) available at a rate less than N500 per liter.
Chief Ukadike Chinedu, the National Public Relations Officer for IPMAN, has validated the impending release of fuel from the Port Harcourt Refinery to marketers.
He pointed out that currently, the Nigeria Petroleum Company Limited is supplying fuel to marketers at N567.7 per liter.
Chinedu expressed expectations that once the Port Harcourt refinery becomes operational, the price could potentially drop below N500 per liter.
“Presently, NNPC is still providing us PMS at N567.7/liter, so we are optimistic that the Port Harcourt refinery will offer the product at N500/liter or possibly even less,” he mentioned.
This development follows the announcement made on March 15 by Mele Kyari, the Group Chief Executive Officer of NNPCL, regarding the upcoming availability of PMS from the Port Harcourt refinery.
Meanwhile, the Dangote Refinery is intensifying efforts to enter the fuel market for commercial purposes.
Earlier on, the entry of the company into Nigeria’s Diesel market led to a reduction in price from N1,600 per liter to N1,000.
Abubakar Maigandi, the National President of IPMAN, is optimistic that the refinery could potentially retail petrol at N500/liter or even lower.
“We are pleased with the decreasing diesel prices, thanks to Dangote refinery.
“While the sales of petrol have not yet commenced, we anticipate a decrease to around N500 per liter as well,” he affirmed.