The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed confidence that its members will begin loading petroleum products from the Port Harcourt refinery this week.
The refinery, owned by NNPC Limited, recently resumed operations with a refining capacity of 60,000 barrels per day, operating at 70 percent efficiency. Currently, it supplies products primarily to NNPC retail outlets and a few marketers.
Speaking with *Vanguard*, IPMAN’s Public Relations Officer, Chief Chinedu Ukadike, stated that an increase in supply from the Port Harcourt refinery is expected to enable independent marketers to access products directly.
Ukadike also revealed that independent marketers are now sourcing petroleum products from the Dangote Refinery, thanks to a recent agreement reducing the minimum bulk purchase requirement to two million litres of petrol.
“Our members are now able to access products from Dangote Refinery because of the reduction in the minimum bulk purchase quantity,” he said, adding that this has made the market more competitive.
The resumption of operations at the Port Harcourt refinery and the increased accessibility of Dangote products have helped stabilize the petroleum supply chain. Ukadike noted that distribution is now smoother, with fewer queues at filling stations, though slight price variations persist due to market dynamics.
“This is the beauty of deregulation,” he remarked. “With the Port Harcourt refinery back onstream, there is less pressure on Dangote Refinery, and independent marketers can now compete effectively with major marketers.”
Ukadike also hinted at a potential drop in pump prices in the coming weeks, citing the recent appreciation of the Naira against the dollar. He stressed that the competitive environment would ultimately benefit consumers.
Independent marketers are hopeful that, as early as this week, the Port Harcourt refinery will have sufficient product supply to accommodate their demands, further easing pressure on the market.
