The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns over the pricing of Premium Motor Spirit (PMS) produced by the recently revitalized Port Harcourt Refinery. According to the association’s Public Relations Officer, Dr. Joseph Obele, petrol from the refinery, which resumed production on Tuesday, costs ₦75 per litre more than that supplied by the Dangote Refinery.
Speaking during the refinery’s reopening ceremony, Dr. Obele noted that while the Dangote Refinery supplies petrol to marketers at ₦970 per litre, the Nigerian National Petroleum Company Limited (NNPCL) sells at ₦1,045 per litre. This significant price gap poses challenges for marketers in an industry where competitive pricing is critical to profitability.
Dr. Obele, a former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at the Port Harcourt Depot, commended the federal government for reviving the refinery, which now operates at a capacity of 60,000 barrels per day. He described the rehabilitation as a major milestone in reducing Nigeria's dependence on imported petroleum products.
However, he urged swift action to address the pricing disparity. According to Obele, NNPCL's Group Chief Executive Officer, Mele Kyari, has assured stakeholders that the company will work towards harmonizing prices to minimize the impact on marketers and consumers alike.
The reopening of the Port Harcourt refinery is expected to bolster local production and lessen the country’s reliance on imports, a development widely praised by industry stakeholders. Still, the issue of pricing underscores the ongoing need for reforms to stabilize and strengthen Nigeria’s downstream petroleum sector.
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