IPMAN Expresses Optimism for Independent Marketers as Port Harcourt Refinery Increases Supply
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has voiced confidence that its members will soon be able to source petroleum products from the Port Harcourt refinery this week.
The refinery, owned by NNPC Limited, has a daily capacity of 60,000 barrels and recently began operations, currently refining at 70 percent of its capacity. Chief Chinedu Ukadike, the Public Relations Officer for IPMAN, indicated in an interview with Vanguard that the refinery is presently supplying only NNPC retail outlets and a few select marketers.
Ukadike explained that with an anticipated rise in the production of petroleum products from the Port Harcourt facility, independent marketers are expected to begin loading products from this site shortly. He also mentioned that many marketers have started sourcing directly from the Dangote Refinery following an agreement that lowered the minimum bulk purchase requirement for petrol to two million litres.
“Our members are now purchasing products from Dangote Refinery, as they have finally decreased the minimum bulk purchase quantity,” Ukadike said, noting that this development has enabled many independent marketers to gain access to essential fuel supplies.
He emphasized that the ability to load directly from refineries has fostered increased competition within the market, enabling independent marketers to effectively compete with larger marketers. “Distribution of petroleum products has been streamlined, and while queues are now a rarity, there may still be some price variations—this reflects the essence of deregulation,” he added.
Moreover, Ukadike stated that the increased operations at the Port Harcourt Refinery are expected to alleviate pressure on Dangote products. He expressed hope that by next week, according to an NNPC official, independent marketers will have sufficient products available from the Port Harcourt facility.
He further highlighted that the competition in the market is just beginning, noting that with a decrease in the exchange rate of the Naira against the dollar, consumers may see a drop in pump prices in the weeks ahead.
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