WATCH THE VIDEO HERE THE Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has announced that the price of Premium Motor Spirit produced by the old Port Harcourt Refinery, which resumed operations yesterday, is ₦75 per litre higher than that from the Dangote Refinery. This information was shared by Dr. Joseph Obele, the association’s Public Relations Officer, during the official reopening ceremony of the refinery, which is now running at a capacity of 60,000 barrels per day. Dr. Obele, a former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at the Port Harcourt Depot, initially commended the federal government for revitalising the old refinery but expressed concerns about the price differences between petrol provided by the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Refinery. He noted that while the Dangote Refinery sells petrol to marketers at ₦970 per litre, NNPCL’s price is ₦1,045 resulting in a ₦75 per litre difference. He highlighted that this price gap poses a significant challenge for businesses, especially in an industry where competitive pricing is crucial for profitability. Despite these concerns, he viewed the refinery’s reopening as a vital step towards reducing Nigeria’s dependence on imported petroleum products. Dr. Obele mentioned that Mele Kyari, the Group Chief Executive Officer of NNPCL, has committed to addressing this issue and harmonizing prices to lessen the impact on marketers and consumers. The reopening of the Port Harcourt Refinery is anticipated to boost local production capacity and decrease reliance on imports, a development that has been welcomed by stakeholders in the sector. Nonetheless, the existing pricing disparities underscore the need for ongoing reforms to stabilize the downstream sector of the petroleum industry.
RIVERS: Port Harcourt refinery’s petrol price higher than Dangote’s by ₦75/ltr — PETROAN
