Nigerians should expect a drop in prices of petroleum products – Oil Marketers
Nigeria’s petroleum marketers have said that with the coming on stream of Port Harcourt refinery, Nigerians should expect a drop in prices of petroleum products.
The President of the Petroleum Products Retail Outlet Owners Association, PETROAN, Billy Gillis-Harry made this known on Tuesday in an interview.
Gillis-Harry was reacting to the commencement of Port Harcourt Refinery on Tuesday.
The refinery trucked out petroleum products, including petrol, diesel, and kerosene, while other products will be dispatched as well.
Speaking on the development, Gillis-Harry stated that the price of Port Harcourt Refinery petroleum products will be known by Friday or Monday next week.
He, however, noted that Port Harcourt Refinery will push petrol price down because the coming on stream of the plant has eliminated several cost components.
According to him, going further, NNPCL retail price may drop below N1060 per litre as a result of Port Harcourt Refinery.
“The price of the Port Harcourt refinery petroleum products has not been revealed as we speak.
“The first thing we should talk about is the availability of the products.
“The price of Port Harcourt Refinery products will be pocket-friendly as a result of deregulation in the sector.
“By Monday and Friday, I will be able to tell you the exact price of Port Harcourt Refinery’s product.
“With the Port Harcourt refinery, the price of NNPCL petrol will drop. This is because the Port Harcourt refinery has eliminated some cost components. Definitely, the price of petrol may drop below N1060 per litre at NNPCL retail outlets.
“We have applied at the NNPCL platform to get the PH refinery petroleum products,” he said.
Earlier, the Chief Executive Officer, Nigerian Midstream and Downstream Petroleum Authority, Farouk Ahmed, said the refinery will bring down the price of petroleum products. Meanwhile, Mele Kyari, the Group Chief Executive Officer of NNPCL, said the availability of petroleum products will lead to a price drop.
