Fuel price may reduce when Port Harcourt refinery starts working – IPMAN president, Maigandi

Abubakar Maigandi, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), has suggested a potential decrease in the pump price of petrol.

Maigandi indicated that there could be a slight reduction in fuel prices once the Port Harcourt refinery becomes operational and marketers begin loading the product from there. He made these remarks during a meeting with Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), in Abuja.

Maigandi emphasized that IPMAN has already informed its members, particularly those in the South-South region, to prepare for loading once the refinery starts operations. He expressed readiness on behalf of the marketers to commence loading as soon as directed by NNPCL.

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Regarding the expected price reduction, Maigandi highlighted that with the commencement of operations at the Port Harcourt refinery, there would likely be a decrease in fuel prices. He emphasized the significance of even a small reduction in price, noting that it would still be beneficial.

Moreover, Maigandi highlighted the potential for increased employment opportunities for Nigerians with the commencement of operations at the refinery. He expressed IPMAN’s satisfaction with this development and welcomed the prospect of products being available from the refinery in the near future, as promised by NNPCL.

Maigandi said: “As independent petroleum marketers, immediately we received the information, we told all our members to start preparing for loading, especially those in the South-South region of the country, because it is closer to them.

“So at any time they (NNPCL) say we should come and start loading, we are ready. We are just waiting for them to start.

“Price reduction is obvious when they start releasing products, and there will be availability because it would serve as support to the imported products. So we are expecting a change in price, for no matter how small the reduction is, it is still a reduction.”

“Also, the commencement of operations there will create more employment for Nigerians. So it is a welcome development and IPMAN is happy about this, especially if products start coming out from the plant in the next two weeks as promised by NNPCL.”