FUEL: “The PH refinery has not announced a new PMS price” — Dr Billy Gillis-Harry
No new purchase price for Premium Motor Spirit (PMS) has been announced by the Port Harcourt Refinery Company Limited, according to the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN).
No new purchase price for Premium Motor Spirit (PMS) has been announced by the Port Harcourt Refinery Company Limited, according to the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN).
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This was announced in a statement on Wednesday by PETROAN’s National President, Dr. Billy Gillis-Harry.
According to the News Agency of Nigeria (NAN), the Nigerian National Petroleum Company Ltd. NNPCL-owned refinery started the first truck-out of petroleum products on Tuesday in light of the facility’s rehabilitation.
The plant’s crude oil processing and petroleum product distribution to the market began with the re-streaming and truck loading.
With intentions to ramp up to 90%, the restored refinery is currently running at 70% of its installed 60,000 barrels per day (bpd) capacity.
Because of this, Gillis-Harry stated that PETROAN members only purchased PMS using the previous pricing model while they awaited the new rates.
“We are thrilled that the refinery is now producing and loading refined petroleum products, and we anticipate that NNPC will soon set the price of PMS for the benefit of Nigerians,” he said.
In response, NNPC Ltd.’s Chief Corporate Communications Officer, Mr. Olufemi Soneye, stated that the business had not started selling in bulk. “Both the purchase portal and bulk sales have not yet been launched.”
Since we are still completing the required procedures, we have not yet started bulk sales or launched the buying site. The products we currently offer at our retail locations, including the fees levied by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), were purchased from the Dangote Refinery. At the moment, our retail locations will use the Port Harcourt Refinery’s product. He stated.
According to a representative for NNPC Ltd., “our prices are regularly reviewed and adjusted as required.“, NAN
In the meantime while the Nigerian people await a new price release following the rehabilitation of the Port Harcourt refinery, there’s a high expectation that the government will beat down Pump price. This would be a decision in the right direction to cushion cost of transportation and aid movement as festive season sets in.
What is your expectation on the new PMS price?
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