IPMAN President Predicts Reduced Fuel Prices as Port Harcourt Refinery Nears Operation

The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, has recently hinted at a potential reduction in fuel prices.

This comes as the Port Harcourt Refinery is set to become operational in the coming weeks.

During a meeting with Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Maigandi expressed optimism about the impact of the refinery’s operations on fuel prices.

He stated that there would be a nominal reduction in the price of fuel once the Port Harcourt Refinery starts producing and marketers begin loading the product from there.

Maigandi emphasized that IPMAN members in the South-South region of the country are prepared to start loading products from the refinery as soon as they receive the go-ahead from NNPCL.

He mentioned that the availability of locally refined products would serve as support to the imported products, leading to a change in price, even if the reduction is minimal.

In addition to the potential price reduction, Maigandi highlighted the positive effects of the refinery’s operations on employment in Nigeria.

He believes that the commencement of operations at the Port Harcourt Refinery will create more job opportunities for Nigerians, which is a welcome development for IPMAN and the country as a whole.

NNPCL’s Group Managing Director, Mele Kyari, has previously assured Nigerians that the refinery would begin operations in two weeks.

If this promise comes to fruition, it could lead to a more stable fuel supply and potentially lower fuel prices for consumers.

The Port Harcourt Refinery has been undergoing a turnaround maintenance project aimed at improving its capacity to refine crude oil.

Once operational, the refinery is expected to reduce Nigeria’s reliance on imported petroleum products and contribute to the growth of the local economy.