The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed hope that its members will begin loading petroleum products from the recently refurbished Port Harcourt refinery this week.
The Port Harcourt refinery, which is owned by NNPC Limited and has a capacity of 60,000 barrels per day, resumed operations last week. It is currently operating at 70 percent capacity, supplying products primarily to NNPC retail outlets and a few select marketers.
Speaking on the matter, Chief Chinedu Ukadike, IPMAN’s Public Relations Officer, said, “Our members are buying products from Dangote Refinery because Dangote has finally reduced the minimum quantity of bulk purchase to two million litres. So most of our members are now able to access it.”
Ukadike explained that this reduction, combined with the increased availability of products from the Port Harcourt refinery, is creating a more competitive market. Independent marketers can now compete more effectively with major marketers, leading to smoother distribution and minimal fuel queues.
“Petroleum products distribution has been smooth and there are no queues but what you will see is a bit of price differentials. This is the beauty of deregulation. Not only that but with the coming onstream of Port Harcourt Refinery there is also less pressure on Dangote products.
“Although most marketers have not started accessing products from Port Harcourt refinery hopefully by next week (this week), according to an official of NNPC, they will have enough to accommodate independent marketers”.
