Port Harcourt Refinery Sells Petrol at ₦1,045 per Litre

Port Harcourt Refinery Sells Petrol at ₦1,045 per Litre, Raises Pricing Concerns

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has revealed that the recently reopened Port Harcourt Refinery is selling petrol at ₦1,045 per litre. This price is ₦75 higher than the ₦970 per litre offered by the privately-owned Dangote Refinery.

According to PETROAN’s Public Relations Officer, Dr. Joseph Obele, the price disparity is causing financial strain on marketers and raising concerns about competitive pricing in the downstream sector.

While the reopening of the Port Harcourt Refinery is seen as a positive step towards reducing Nigeria’s dependence on imported fuel, the pricing gap has sparked concerns. The Nigerian National Petroleum Company Limited (NNPCL) has assured stakeholders that it will address the disparity and ensure fair pricing.

The Port Harcourt Refinery is currently producing:

1. 1.4 million litres of Premium Motor Spirit (PMS or petrol)
2. 900,000 litres of Kerosene
3. 1.5 million litres of Automotive Gas Oil (AGO or Diesel)
4. 2.1 million litres of Low Pour Fuel Oil (LPFO)
5. Additional volumes of Liquefied Petroleum Gas (LPG)

As the refinery resumes operations, Nigerians are eagerly awaiting a potential decrease in petrol prices.