IPMAN asserted that petrol price will go down when Port Harcourt Refinery starts releasing the product to them
By Kehinde Okeowo
Independent Petroleum Marketers Association Of Nigeria (IPMAN), the body representing Oil Marketers in Nigeria has said the Premium Motor Spirit (PMS), otherwise known as petrol might start selling for N500 per litre or below when the Port Harcourt Refinery starts releasing the product to them.
This was disclosed recently in Port Harcourt, the Rivers State capital by IPMAN’s National Public Relations Officer, Ukadike Chinedu.
According to him, at the moment, the Nigerian National Petroleum Company Limited (NNPCL) sells fuel to Marketers at N567.7 per litre.
He went on to say that with the Port Harcourt refinery coming on board, the price may go below N500 per litre.
Chinedu said: “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.”
ALSO READ: Tinubu, Sanwo-Olu hail Tunde Onakoya on Guinness World Record longest chess marathon effort
Also speaking about the development, the National President of IPMAN, Abubakar Maigandi, confirmed 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.
Prior to this, the Group Chief Executive Officer of NNPCL, Mele Kyari, on March 15, disclosed that the Port Harcourt refinery will start releasing PMS soon.
The development comes as Dangote Refinery ramps up activities to sell fuel in commercial quantity
Earlier, Dangote’s entrance into Nigeria’s Automative Gas Oil (Diesel) market led to the price reduction from N1,600 per litre.