The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has reported that the price of petrol from the newly restarted Port Harcourt Refinery is ₦75 more per litre than that from the Dangote Refinery. This announcement was made during the official reopening ceremony of the Port Harcourt facility, which is now operating at a capacity of 60,000 barrels per day.
Dr. Joseph Obele, PETROAN's Public Relations Officer and former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at the Port Harcourt Depot, acknowledged the federal government’s efforts in revitalizing the refinery. However, he expressed concern over the significant price gap between petrol supplied by the Nigerian National Petroleum Company Limited (NNPCL) and that sold by the Dangote Refinery. He noted that while Dangote sells petrol to marketers at ₦970 per litre, NNPCL's price is set at ₦1,045, resulting in a ₦75 disparity.
"This price difference poses a considerable challenge for businesses, particularly given that profitability in this industry largely depends on competitive pricing," Dr. Obele stated. He lauded the reopening of the Port Harcourt Refinery as a crucial move towards reducing Nigeria's reliance on imported fuel.
Additionally, Dr. Obele mentioned that Mele Kyari, the Group Chief Executive Officer of NNPCL, has committed to addressing these pricing issues in order to alleviate the burden on both marketers and consumers.
The recommencement of the Port Harcourt Refinery is anticipated to bolster local production and decrease the country's dependence on fuel imports—an effort that has been positively received by industry stakeholders. However, the ongoing pricing disparities highlight the necessity for ongoing reforms to stabilize the downstream sector of Nigeria's petroleum industry.