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Port Harcourt Petrol Prices Surpass Dangote’s by ₦75/Litre – PETROAN

byBilkisu Kasim
November 27, 2024
in Business
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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has pointed out that the price of Premium Motor Spirit (PMS) produced by the revived Port Harcourt Refinery is ₦75 per litre more expensive than the price set by the Dangote Refinery.

 

This information was shared by the association’s Public Relations Officer, Dr. Joseph Obele, during the refinery’s reopening ceremony, where it was announced that production has resumed at 60,000 barrels per day.

 

Dr. Obele, a former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at the Port Harcourt Depot, commended the federal government for revitalizing the refinery. However, he voiced concerns about the price difference between petrol sold by the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery.

 

According to Dr. Obele, while Dangote Refinery offers petrol to marketers at ₦970 per litre, NNPCL’s price is ₦1,045, creating a ₦75 per litre gap.

 

He noted that this price difference presents a significant challenge for businesses, especially in an industry where competitiveness and profit margins are heavily influenced by pricing strategies.

 

Despite these concerns, he praised the reopening of the refinery as a crucial step toward reducing Nigeria’s dependency on imported petroleum products.

 

Dr. Obele also mentioned that Mele Kyari, the Group Chief Executive Officer of NNPCL, has assured that the price discrepancy will be addressed and efforts will be made to harmonize pricing, alleviating pressure on both marketers and consumers.

 

The reopening of the Port Harcourt Refinery is seen as a promising development, aimed at boosting local production and decreasing reliance on foreign imports. However, the ongoing price disparities highlight the necessity for further reforms in the downstream petroleum sector to ensure stability.

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