Oil marketers are preparing to load refined petroleum products from the Port Harcourt Refining Company, as workers at the facility rush to get it ready for production under the directives of the Nigerian National Petroleum Company Limited.

Dealers have confirmed that the PHRC is almost ready to start releasing products, with a projected price of N500 per liter for Premium Motor Spirit, commonly known as petrol, from the Port Harcourt refinery in Rivers State. They are also hopeful that the Dangote Petroleum Refinery will further reduce the PMS price below N500 per liter once it begins supplying petrol to the market in May, as it currently supplies diesel to dealers.

Operators under the Independent Petroleum Marketers Association of Nigeria, Rivers State Branch, recently visited the Port Harcourt refinery and discovered that the plant is on track to start releasing refined petroleum products this month. This development was confirmed by the National Public Relations Officer of IPMAN, Chief Ukadike Chinedu.

Marketers, particularly independent dealers, are already making plans to purchase and load products from the refinery, anticipating a price reduction. While the exact price of PMS from the plant is yet to be determined, Ukadike mentioned that the expectation is for it to be around N500 per liter or even lower.

Efforts are underway at the plant to commence the production of petrol and other refined products, as announced by the NNPC. The Group Chief Executive Officer of NNPC Ltd, Mele Kyari, stated that the Port Harcourt refinery is expected to start operations in about two weeks, with mechanical works already completed on the Port Harcourt, Warri, and Kaduna refineries.

Over 450,000 barrels of oil have been stocked into the Port Harcourt refinery, with discussions ongoing among oil marketers to purchase products in bulk. The potential entry of PMS from the Dangote refinery into the market is also eagerly awaited, with hopes that it will lead to a further reduction in petrol prices.

While there are expectations that the Dangote refinery may sell petrol at N500 per liter or below, the Major Energies Marketers Association of Nigeria anticipates that the PMS from the refinery will be sold at the import parity rate. The Executive Secretary of MEMAN, Clement Isong, emphasized that petrol pricing is based on international reference and is determined by market forces.

Overall, the developments at the Port Harcourt refinery and the potential impact of the Dangote refinery on petrol prices are generating significant interest among oil marketers and consumers alike. The anticipation of lower prices and increased availability of refined products is creating a sense of optimism within the industry.