Port Harcourt Refinery’s Petrol Price Higher Than Dangote’s by ₦75/Litre — PETROAN
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns over the pricing of Premium Motor Spirit (PMS) from the newly revitalized Port Harcourt Refinery, noting that it is ₦75 per litre higher than that of the Dangote Refinery.
Dr. Joseph Obele, PETROAN’s Public Relations Officer, disclosed this during the official reopening ceremony of the Port Harcourt Refinery, which resumed operations on Tuesday with a capacity of 60,000 barrels per day.
According to Obele, while Dangote Refinery supplies PMS to marketers at ₦970 per litre, the Nigerian National Petroleum Company Limited (NNPCL) sells the product from the Port Harcourt Refinery at ₦1,045 per litre.
“The ₦75 price differential is a steep margin for businesses, particularly in an industry where profitability hinges on competitive pricing,” Obele said.
Despite the pricing disparity, Obele praised the federal government for revitalizing the refinery, describing the move as a significant step toward reducing Nigeria’s reliance on imported petroleum products. He added that this would improve local production capacity and enhance energy security in the country.
NNPCL’s Group Chief Executive Officer, Mele Kyari, has acknowledged the pricing concerns raised by marketers. He assured stakeholders that efforts are underway to harmonize prices and mitigate the impact on marketers and consumers.
The reopening of the Port Harcourt Refinery has been welcomed as a landmark development in Nigeria’s downstream petroleum sector. However, the pricing disparity highlights lingering challenges in achieving market stability. Stakeholders are urging the government and industry players to implement reforms that ensure a competitive and sustainable pricing regime.
The restoration of the refinery, which first began operations in 1965, is part of broader efforts to reduce dependence on petroleum imports and stabilize the domestic fuel market. As discussions over pricing continue, industry watchers are hopeful that the refinery’s full integration into the supply chain will bring long-term benefits to Nigerians.
