The price of Premium Motor Spirit, PMS otherwise known as Petrol at the newly-launched Port-Harcourt refinery has been revealed.
DAILY GIST reported earlier that the Nigerian National Petroleum Corporation, NNPC had announced petroleum production in the refinery.
According to the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the price of petrol from the Port Harcourt Refinery is N75 per litre higher than that sold by the Dangote Refinery.
The Public Relations Officer of PETROAN, Dr. Joseph Obele stated this during the official reopening ceremony of the refinery, which is now operating at a 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, hailed the federal government for revitalizing the old refinery but expressed concern over the pricing disparity between petrol supplied by the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Refinery.
He said while the Dangote Refinery sells petrol to marketers at N970 per litre, NNPCL’s price stands at N1,045, a difference of N75 per litre.
According to him, the N75 price differential is a steep margin for businesses, particularly in an industry where profitability hinges on competitive pricing.
The PETROAN spokesman, however, described the refinery’s restoration as a significant step in reducing Nigeria’s dependence on imported petroleum products.
He noted that the Group Chief Executive Officer of NNPCL, Mele Kyari, has promised to address the issue and harmonize 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.
