Refinery: Marketers Eye N500/Litre Petrol

So we don’t want to be caught unprepared, for instance, if they say we should pay for two million litres and we can’t be able to pay.” Ukadike also stated that oil marketers were discussing with their banks, adding that the financial institutions“are ready to fund such bulk allocations so that we can be able to distribute it nationwide because we have the reach.” The oil dealers are also awaiting the potential entry of PMS from the Dangote refinery into the domestic market, with hopes that the company would crash the price of petrol below N500/litre.

He said,“So when they resume at Port Harcourt refinery and they key into what Dangote has done by selling in bulk, it means that we the independent marketers particularly in the South-East should be able to have a company that can be able to buy up to four/five million litres from the refinery.

While saying the refinery is yet to begin the sale of petrol, the IPMAN president noted:“We are happy the price of diesel is coming down, thanks to Dangote refinery.

Chinedu noted that the plant’s completion was largely achieved, confirming Friday’s developments and fueling marketers’ preparations to commence purchasing and loading activities from the refinery.

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.” Ukadike stated efforts were really ongoing at the plant to begin the production of petrol and other refined products, as recently announced by the NNPC.

Meanwhile, Ukadike also stated that marketers were putting in place measures that would enable them to purchase products in bulk, going by the fact that the Dangote Petroleum Refinery did not sell less than one million litres when it commenced the sale of diesel.

Currently supplying diesel, the entry of Dangote refinery into the petrol market is expected to further drive down prices, potentially below the N500/litre mark, offering a significant relief to the market.

“But if the dollar continues falling, it may go back to the normal rate.” The Executive Secretary of MEMAN, Clement Isong, said,“I expect the price to be at import parity.

Dealers expressed optimism on Friday, projecting potential pricing of N500 per litre for Premium Motor Spirit (PMS), commonly known as petrol, directly from the refinery in Rivers State..

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