By Damilare Adeleye
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has stated that the price of petrol from old Port Harcourt Refinery is higher than that sold by the Dangote Refinery by N75.
This was revealed by the association’s Public Relations Officer, Dr. Joseph Obele, during the official reopening ceremony of the refinery, which is now operating at a capacity of 60,000 barrels per day.
It is understood that the old Port Harcourt Refinery resumed production on Tuesday, November 26.
Dr Obele, a former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at the Port Harcourt Deport who initially applauded the federal government for revitalising the old refinery, expressed concern over the pricing disparity between petrol supplied by the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Refinery.
According to him, while Dangote Refinery sells petrol to marketers at N970 per litre, NNPCL’s price stands at N1,045, a difference of N75 per litre.He said the N75 price differential is a steep margin for businesses, particularly for an industry where profitability hinges on competitive pricing.
He, however, described the refinery’s restoration as a significant step in reducing Nigeria’s dependence on imported petroleum products.
Obele revealed that the Group Chief Executive Officer of NNPCL, Mele Kyari, has promised to address the issue and harmonise prices to mitigate the impact on marketers and consumers.
The reopening of the Port Harcourt Refinery is expected to enhance local production capacity and reduce reliance on imports, a move welcomed by stakeholders across the sector.
However, concerns over pricing disparities underscore the need for continuous reforms to stabilise the downstream sector of the petroleum industry.