Oil marketers in Nigeria are eagerly anticipating the reopening of the Port Harcourt Refining Company (PHRC) and the anticipated entry of fuel from the Dangote Petroleum Refinery into the market. Both of these developments are expected to have a positive impact on the price of petrol (PMS) in Nigeria.
The Port Harcourt Refinery is nearing a restart, and oil marketers are preparing to purchase fuel from it. This refinery is expected to resume production this month, and as a result, the price of Premium Motor Spirit (PMS) or petrol is expected to come down. Marketers are optimistic that the price could be below N500 per litre.
The Dangote Refinery has already had a positive effect on diesel prices in Nigeria, and it is expected to enter the petrol market in May. This move is expected to significantly reduce the price of petrol in the country to N500 per litre, or even lower.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) is currently making arrangements to purchase fuel in bulk from both refineries. They are also seeking funding from banks to facilitate nationwide distribution.
While some experts believe that Dangote’s entry into the petrol market, like with diesel, could lead to a significant price decrease, others believe that the price will be set based on international benchmarks.
In line with the Nigerian National Petroleum Company’s (NNPC) promise, the Port Harcourt Refinery will be operational by the end of April. The combined production from the Port Harcourt Refinery and Dangote Refinery is expected to increase fuel availability and potentially lead to lower prices for Nigerian consumers.
Overall, the Nigerian oil industry is optimistic about the impact of these developments on the country’s economy, and consumers are hopeful for a reduction in the price of petrol.
