The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has disclosed that the price of Premium Motor Spirit (PMS) also called petrol produced by the recently activated old Port Harcourt Refinery is ₦1,045 per liter, ₦75 higher than that sold by the Dangote Refinery.
The association’s Public Relations Officer, Dr. Joseph Obele stated this while speaking at the official reopening ceremony of the refinery, which is now operating at a capacity of 60,000 barrels per day.
Obele who is a former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at the Port Harcourt Deport initially applauded the federal government for revitalising the old refinery.
He however expressed concern over the pricing disparity between petrol supplied by the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Refinery.
Obele said the ₦75 price differential is a steep margin for businesses, particularly for an industry where profitability hinges on competitive pricing.
He, however, described the refinery’s restoration as a significant step in reducing Nigeria’s dependence on imported petroleum products.
Obele reassured that the Group Chief Executive Officer of NNPCL, Mele Kyari, has promised to address the issue and harmonise 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.
