The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns over the pricing of Premium Motor Spirit (PMS) produced by the recently reopened Port Harcourt Refinery. PETROAN revealed that the Port Harcourt Refinery’s petrol is priced ₦75 per litre higher than the price offered by Dangote Refinery.
Dr. Joseph Obele, PETROAN’s Public Relations Officer, highlighted this during the refinery’s reopening ceremony on Tuesday. The Port Harcourt Refinery, now operating at 60,000 barrels per day, marks a significant step in revitalising Nigeria’s local petroleum production.
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Dr. Obele, a former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at the Port Harcourt Depot, commended the federal government for the refinery’s restoration but flagged a critical pricing issue. He explained that while Dangote Refinery sells petrol at ₦970 per litre, the Nigerian National Petroleum Company Limited (NNPCL) sets its price at ₦1,045 per litre, creating a ₦75 price difference.
This disparity presents a challenge for petroleum marketers, as profitability in the sector is heavily influenced by competitive pricing. Despite this concern, Obele recognised that the refinery’s reopening is a crucial step towards reducing Nigeria’s reliance on imported fuel.
Obele also shared that NNPCL’s Group Chief Executive Officer, Mele Kyari, has assured stakeholders of efforts to harmonise prices in order to mitigate the impact on marketers and consumers.
