Confirmed reports indicate that the Port Harcourt Refining Company in Rivers State is gearing up to release petroleum products, with a projected price of N500 per litre for Premium Motor Spirit (PMS), commonly known as petrol.
Oil marketers are optimistic that the Dangote Petroleum Refinery will further drive down PMS prices, potentially below N500 per litre, upon its commencement of operations in May 2024. This optimism stems from the recent reduction in diesel prices by the management of the Dangote refinery, from N1,600 to N1,000 per litre.
According to the Independent Petroleum Marketers Association of Nigeria, Rivers State Branch, operators have visited the Port Harcourt refinery and anticipate the release of petroleum products this April.
Chief Ukadike Chinedu, the National Public Relations Officer of IPMAN, disclosed that independent dealers are preparing to procure products from the refinery, hopeful for a price decrease. While the refinery has not yet specified the PMS price, despite the NNPC selling it to distributors at N567.7 per litre, there is optimism that it will be priced at N500 per litre or lower.
Chinedu emphasized the concerted efforts to kickstart PMS production and other refined products at the refinery. Tekena Ikpaki, the Port Harcourt Branch Chairman, previously affirmed that the PH refinery management had assured dealers of the imminent commencement of operations.