June 22, 2024
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OIL & GAS

Nigeria’s Port Harcourt Refinery to Release Fuel at N500/Litre

Oil marketers in Nigeria, a West African oil-rich country, have announced that the Port Harcourt Refinery is on the verge of releasing Premium Motor Spirit (PMS), commonly known as fuel, at a price below N500 per litre.

Chief Ukadike Chinedu, the National Public Relations Officer of IPMAN, confirmed that the Port Harcourt Refinery will soon supply fuel to marketers.

Currently, the Nigeria Petroleum Company Limited sells fuel to marketers at N567.7 per litre. However, Chinedu anticipates that with the Port Harcourt refinery’s operations, the price may drop below N500 per litre.

“However, 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,” he stated.

Again, NNPC postpones Portharcourt refinery production date

Earlier announcements by the Group Chief Executive Officer of NNPCL, Mele Kyari, on March 15 indicated that the Port Harcourt refinery would commence releasing PMS soon.

This development coincides with the progress of Dangote Refinery in ramping up activities to enter the fuel market.

Previously, Dangote Refinery’s entry into Nigeria’s Automative Gas Oil (Diesel) market led to a reduction in the price from N1,600 per litre to N1,000. Abubakar Maigandi, the National President of IPMAN, expressed optimism that the refinery might sell petrol at N500 per litre or even below.

“We are happy the diesel price 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 per litre,” he remarked.

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