The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has highlighted a price disparity in Premium Motor Spirit (PMS) produced by the newly reopened Port Harcourt Refinery.
According to the association, the cost of petrol produced by the refinery, which resumed operations on Tuesday at 60,000 barrels per day, is ₦75 higher per litre than the price set by the Dangote Refinery.
Dr. Joseph Obele, PETROAN’s Public Relations Officer, made this statement during the refinery’s official reopening ceremony.
Obele, who is also a former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at the Port Harcourt Depot, initially commended the federal government for revitalizing the refinery.
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However, he expressed concern over the significant price difference between petrol supplied by the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Refinery.
While Dangote Refinery sells petrol to marketers at ₦970 per litre, NNPCL’s price stands at ₦1,045 per litre, marking a ₦75 difference.
Obele pointed out that such a price gap poses challenges for businesses, especially in an industry where profitability is highly dependent on competitive pricing.
Despite this concern, Obele acknowledged the refinery’s restoration as a major step toward reducing Nigeria’s reliance on imported petroleum products.
He also revealed that Mele Kyari, the Group CEO of NNPCL, has assured that efforts will be made to address the pricing issue and harmonize prices to lessen the impact on marketers and consumers.
The reopening of the Port Harcourt Refinery is expected to boost local production and reduce Nigeria’s dependence on imported fuels, a development that has been welcomed by stakeholders in the sector.
However, the ongoing pricing discrepancies highlight the need for continued reforms to stabilize the downstream petroleum industry.
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