According to oil marketers, Premium Motor Spirit—also known as fuel—will soon be available at the Port Harcourt Refinery for less than N500 a litre.

Chief Ukadike Chinedu, National Public Relations Officer of IPMAN, verified that the petroleum will shortly be made available to marketers by the Port Harcourt Refinery.

He mentioned that the Nigeria Petroleum Company Limited currently charges marketers N567.7 per litre for petrol.

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Chinedu pointed out that the price might drop below N500 per litre once the Port Harcourt refinery is operational.

“However, 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,” he said.

Recall that on March 15, Mele Kyari, the Group Chief Executive Officer of NNPCL, revealed that PMS would soon be released from the Port Harcourt refinery.

This development coincides with the Dangote Refinery increasing its efforts to sell fuel commercially.

NNPCL speaks on fuel price hike

Prior to this, the price of Automative Gas Oil (Diesel) in Nigeria was N1,000 per litre immediately after the Company entered the market.

Abubakar Maigandi, the National President of IPMAN, said the refinery may offer petrol for N500 per litre or less.

“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.

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