The Nigerian National Petroleum Company Limited (NNPCL) is set to drop the price of fuel from N640 per litre to N630 per litre.
This was disclosed via X on Monday, and it was observed that the depot price of the Premium Motor Spirit (PMS), otherwise known as petrol, will be dropping by N10.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN), had earlier stated that fuel costs in Nigeria will drop once the Port Harcourt Refinery commences operations.
The national petroleum company of the country had promised that the refinery would begin operations in two weeks. As a result of this, marketers are gearing up to receive products from the facility.
Both associations also asked the Nigerian National Petroleum Company Limited (NNPC) to keep to schedule as they prepare to load products from the refinery. The NNPC had promised that operations in the refinery would begin by the month’s end.
“We did a mechanical completion of the (Port Harcourt) refinery, that was what we said in December. We now have crude oil already stocked in the refinery. We are doing regulatory compliance tests that must happen in every refinery before you start it. I assure you that this Port Harcourt refinery will start in the next two weeks.” Mele Kyari, the chairman of the NNPC, had said.