Nigeria: Fuel market revs up, Port Harcourt refinery prepares for N500/litre petrol

In a noteworthy development for Nigeria’s energy sector, oil marketers are gearing up for the Port Harcourt Refining Company (PHRC) in Rivers State to commence loading refined petroleum products.

This move comes in response to directives from the Nigerian National Petroleum Company Limited (NNPC), signaling a potential shift in the country’s fuel market dynamics.

Workers at the PHRC are diligently preparing the refinery for production, raising expectations of petrol (PMS) prices hitting N500 per litre once operations commence.

Dealers are closely monitoring these developments, which coincide with broader discussions on fuel pricing nationwide.

Optimism is also building around the upcoming Dangote Petroleum Refinery, expected to exert further influence on market conditions.

Dealers anticipate that Dangote’s entry into the petrol supply chain, scheduled for May, could drive prices below the anticipated N500 threshold. Presently, Dangote’s refinery is actively supplying diesel to dealers and is poised to expand its offerings to include petrol.

These industry shifts highlight a significant transformation in Nigeria’s petroleum landscape, with stakeholders keenly observing price movements and production activities at key refineries. As anticipation mounts and preparations intensify, consumers and industry players are poised for potential shifts in fuel availability and pricing strategies.