Oil marketers have disclosed that the Port Harcourt Refinery is almost set to release Premium Motor Spirit, known as petrol, at a cost below N500 per litre.
The National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Ukadike Chinedu, confirmed that the Port Harcourt Refinery will soon release petrol to marketers.
He noted that at the moment, the Nigeria Petroleum Company Limited sells petrol to Marketers at N567.7 per litre.
Chinedu noted that, with the Port Harcourt refinery coming on board, the price may go 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 said.
The Group Chief Executive Officer of NNPCL, Mele Kyari, had said on March 15 that the Port Harcourt refinery will start releasing PMS soon.
The development comes as Dangote Refinery ramps up activities to also sell petrol to marketers.
The company’s entry into Nigeria’s Automative Gas Oil (Diesel) market led to the price reduction from N1,600 per litre to N1,000.
The National President of IPMAN, Abubakar Maigandi, also believes that the refinery might sell petrol at N500/litre or 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 stated.