Oil marketers have indicated that the Port Harcourt Refinery is nearing readiness to distribute Premium Motor Spirit, commonly known as fuel, at a price below N500 per litre.

National Public Relations Officer, IPMAN, Chief Ukadike Chinedu, confirmed that the Port Harcourt Refinery will soon release the fuel to marketers.

He noted that at the moment, the Nigeria Petroleum Company Limited sells fuel to Marketers at N567.7 per litre.

Chinedu noted that, however, with the Port Harcourt refinery coming on board, the price may go below N500 per litre.

“However, NNPC is still giving us PMS at N567.7/litre, so we want to believe that the Port Harcourt refinery should give us the product at N500/litre or less than that,” he said.

Recall that the Group Chief Executive Officer of NNPCL, Mele Kyari, disclosed on March 15 that the Port Harcourt refinery will start releasing PMS soon.

The development comes as Dangote Refinery ramps up activities to sell fuel in commerce.

Earlier, the Company’s entrance into Nigeria’s Automative Gas Oil (Diesel) market led to the price reduction from N1,600 per litre to N1,000.

The National President of IPMAN, Abubakar Maigandi, believed the refinery might sell petrol at N500/litre or below.

“We are happy the diesel price is coming down, thanks to Dangote refinery.

“As for petrol, the sale has not started. We hope petrol too will come down to like N500 per litre”, he stated.