Wednesday, November 27, 2024 -The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has said the price of petrol from the old Port Harcourt Refinery, which resumed production on Tuesday, is N75 per litre higher than that sold by the Dangote Refinery.
The Public Relations Officer of PETROAN, Dr. Joseph Obele, revealed this
during the official reopening ceremony of the refinery, which is now operating
at a capacity of 60,000 barrels per day.
Obele, a former chairman of the Independent Petroleum Marketers
Association of Nigeria (IPMAN) at the Port Harcourt Depot, hailed the federal
government for revitalizing the old refinery but expressed concern over the
pricing disparity between petrol supplied by the Nigerian National Petroleum
Company Limited (NNPCL) and the Dangote Refinery.
He said while the Dangote Refinery sells petrol to marketers at N970 per
litre, NNPCL’s price stands at N1,045, a difference of N75 per litre.
According to him, the N75 price differential is a steep margin for
businesses, particularly in an industry where profitability hinges on
competitive pricing.
The PETROAN spokesman, however, described the refinery’s restoration as
a significant step in reducing Nigeria’s dependence on imported petroleum
products. He disclosed that the Group Chief Executive Officer of NNPCL, Mele
Kyari, has promised to address the issue and harmonize prices to mitigate the
impact on marketers and consumers.
The reopening of the Port Harcourt Refinery is expected to enhance local production capacity and reduce reliance on imports, a move welcomed by stakeholders across the sector.
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