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 sells its petrol ₦75 per litre higher than the price offered by the Dangote Refinery.
Dr. Joseph Obele, the association’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.
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 noted a critical pricing issue.
He explained that while Dangote Refinery supplies petrol at ₦970 per litre, the Nigerian National Petroleum Company Limited (NNPCL) sets its price at ₦1,045 per litre, creating a ₦75 disparity.
According to Obele, this price difference poses a significant challenge for petroleum marketers, as profitability in the sector relies heavily on competitive pricing.
Despite this concern, he acknowledged that the refinery’s restoration is a crucial milestone in reducing Nigeria’s dependence on imported fuel.
Obele also disclosed that NNPCL’s Group Chief Executive Officer, Mele Kyari, has assured stakeholders of plans to harmonise prices to minimise the impact on marketers and consumers.
The reopening of the Port Harcourt Refinery is expected to boost local refining capacity and reduce import reliance.
However, the pricing disparity highlights the need for further reforms to stabilise the downstream petroleum sector and ensure a level playing field for industry stakeholders.
