PETROAN Flags Price Gap: Port Harcourt Refinery Petrol N75 Costlier Than Dangote’s

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has revealed a price disparity in Premium Motor Spirit (PMS), commonly known as petrol, sourced from the recently reopened Port Harcourt Refinery compared to that of Dangote Refinery.

According to PETROAN’s Public Relations Officer, Dr. Joseph Obele, the Port Harcourt Refinery sells PMS at N1,045 per litre, which is N75 higher than the N970 per litre rate from Dangote Refinery. This revelation came during the refinery’s reopening on Tuesday, which marked the resumption of operations with a production capacity of 60,000 barrels per day.

Obele, a former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at the Port Harcourt Depot, commended the federal government for revitalizing the refinery. However, he expressed concerns over the pricing gap, noting that competitive pricing is critical for businesses in the downstream petroleum sector.

“While Dangote Refinery offers petrol to marketers at N970 per litre, the Nigerian National Petroleum Company Limited (NNPCL) supplies the same product at N1,045, creating a significant challenge for profitability,” Obele stated.

Despite these concerns, he lauded the refinery’s restoration as a pivotal step toward reducing Nigeria’s dependency on imported petroleum products.

Dr. Obele further disclosed that Mele Kyari, the Group Chief Executive Officer of NNPCL, has assured stakeholders of efforts to harmonize prices, thereby minimizing the burden on marketers and consumers.

The reopening of the Port Harcourt Refinery, one of Nigeria’s state-owned oil facilities, was earlier confirmed by the Chief Corporate Communications Officer of NNPCL, Femi Soneye. Soneye described the development as a milestone in Nigeria’s journey toward energy independence.

“Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation,” Soneye said.

He also extended congratulations to President Bola Ahmed Tinubu, the NNPC Board, and GCEO Mele Kyari for their dedication to this transformative project, which aims to reshape Nigeria’s energy landscape.