The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, has suggested that there will be a slight decrease in the petrol pump price. He mentioned that once the Port Harcourt refinery becomes operational and marketers begin loading fuel from there, there will be a modest reduction in price. Maigandi expressed this during a meeting with Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), held in Abuja on Monday.
Maigandi stated that upon receiving the information, IPMAN instructed its members, particularly those in the South-South region, to prepare for loading as the refinery is closer to them. He emphasized that IPMAN is ready to commence loading whenever NNPCL gives the directive.
According to Maigandi, the reduction in price will be evident once the refinery starts releasing products, thereby enhancing product availability and providing support to imported products. He highlighted the significance of even a minor reduction in price and welcomed the development, anticipating changes in price once operations begin at the refinery, which is expected within the next two weeks as promised by NNPCL. Additionally, Maigandi noted that the refinery’s operations will generate more employment opportunities for Nigerians, further emphasizing IPMAN’s positive outlook on this development.