Marketers Anticipate Access To Port Harcourt Refinery This Week – IPMAN

Marketers Anticipate Access To Port Harcourt Refinery This Week – IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) expressed confidence yesterday that its members would begin loading products from the Port Harcourt refinery this week…READ MORE…

The NNPC Limited-owned refinery, which has a capacity of 60,000 barrels per day, began operations last week and is currently refining at 70 percent capacity.

In an interview with Vanguard, IPMAN’s Public Relations Officer, Chief Chinedu Ukadike, noted that the facility is currently supplying exclusively to NNPC retail and a limited number of marketers.

Ukadike explained that with the anticipated increase in petroleum product supply from the refinery, independent marketers are expected to access products from the facility soon.

He also revealed that marketers are now sourcing fuel directly from Dangote Refinery after reaching an agreement with the management, which has lowered the minimum bulk purchase requirement for petrol to two million litres.

“Our members are now procuring products from Dangote Refinery since the minimum bulk purchase quantity has been reduced. This makes it more accessible for many of our members,” he stated.

Ukadike highlighted that gaining direct access to the refineries has enhanced competition within the market, allowing independent marketers to better compete with major distributors.

“Distribution of petroleum products has been seamless, and there are no significant queues. However, minor price variations may occur. This is a benefit of deregulation. Additionally, with the Port Harcourt Refinery coming online, there is less pressure on Dangote’s supply.”

Though many marketers have yet to begin sourcing products from the Port Harcourt refinery, Ukadike mentioned that, according to an official from NNPC, they should soon have ample supply to accommodate independent marketers.

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He emphasized that market competition has just started and indicated that, with the recent decline in the Naira to dollar exchange rate, pump prices are likely to decrease in the coming weeks.

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