The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has reported that the price of Premium Motor Spirit (PMS) produced by the revived Port Harcourt Refinery is ₦75 per litre higher than that sold by the Dangote Refinery.
This information was shared by the association’s Public Relations Officer, Dr. Joseph Obele, during the official reopening ceremony of the refinery, which has resumed operations at a capacity of 60,000 barrels per day.
Dr. Obele, a former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at the Port Harcourt Depot, initially praised the federal government for revitalizing the refinery.
However, he raised concerns about the pricing disparity between petrol supplied by the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery.
He pointed out that while Dangote Refinery sells petrol to marketers at ₦970 per litre, NNPCL’s price is ₦1,045 per litre, resulting in a ₦75 per litre difference. Dr. Obele emphasized that this price gap poses a significant challenge for businesses, especially in an industry where profitability is heavily influenced by competitive pricing.
He, however, described the refinery’s restoration as a significant step in reducing Nigeria’s dependence on imported petroleum products.
Dr. Obele also revealed that Mele Kyari, the Group Chief Executive Officer of NNPCL, has pledged to address the pricing disparity and work towards harmonizing prices in order to alleviate the impact on both marketers and consumers.
The reopening of the Port Harcourt Refinery is anticipated to boost local production capacity and reduce the country’s reliance on imported petroleum products, a development that has been welcomed by stakeholders within the sector.
However, the ongoing concerns over pricing differences highlight the need for continued reforms to stabilize and improve the downstream sector of the petroleum industry.