The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has highlighted that the price of Premium Motor Spirit (PMS) produced by the old Port Harcourt Refinery, which resumed operations on Tuesday, is ₦75 per litre higher than the price set by the Dangote Refinery.
Dr. Joseph Obele, the association’s Public Relations Officer, made this statement during the official reopening 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, initially praised the federal government for revitalizing the old refinery. However, he expressed concern over the price difference between petrol supplied by the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Refinery.
While the Dangote Refinery sells petrol to marketers at ₦970 per litre, NNPCL’s price is ₦1,045, creating a ₦75 per litre price gap. Obele pointed out that this price difference is significant for businesses, especially in an industry where competitive pricing is crucial for profitability.
Despite this, he acknowledged the restoration of the refinery as a key step in reducing Nigeria’s dependence on imported petroleum products. He also shared that NNPCL’s Group Chief Executive Officer, Mele Kyari, has pledged to address the issue and align prices to ease the burden on marketers and consumers.
The reopening of the Port Harcourt refinery is expected to boost local production and decrease reliance on imports, a move welcomed by industry stakeholders. However, concerns over pricing disparities highlight the need for continued reforms to stabilize the downstream petroleum sector.