The Independent Petroleum Marketers Association of Nigeria (IPMAN) is hopeful that its members will begin loading petrol from the Port Harcourt refinery this week.
The refinery, owned by NNPC Limited, recently resumed operations, producing 60,000 barrels per day at 70% capacity. For now, its products are supplied to NNPC retail outlets and a few other marketers.
Speaking to Newsmen, IPMAN‘s Public Relations Officer, Chief Chinedu Ukadike, said more independent marketers are expected to start loading from the facility soon, as supply increases.
Dangote Refinery Boosts Competition
Ukadike also revealed that marketers are now buying petrol directly from the Dangote Refinery. This follows a new arrangement where the refinery reduced its minimum bulk purchase to two million litres.
“Our members are now able to access products from Dangote Refinery because of this change,” Ukadike said. He explained that this development has made the fuel market more competitive, allowing independent marketers to keep up with major players.
Smoother Distribution and Price Expectations
According to Ukadike, fuel distribution has improved significantly, with no queues at petrol stations. However, there are slight price differences between stations, which he attributes to the deregulated market.
“With the Port Harcourt refinery now operational, there is less pressure on Dangote Refinery’s supply. Although most independent marketers haven’t started loading from Port Harcourt yet, we expect this to change by the end of the week,” he added.
The increased competition, combined with the recent drop in the Naira-to-dollar exchange rate, is also expected to bring down pump prices in the coming weeks.