PETROAN: Port Harcourt Refinery’s Petrol Price ₦75 Higher Than Dangote Refinery

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has revealed that the price of Premium Motor Spirit churned out by the old Port Harcourt Refinery which resumed production on Tuesday, is ₦75 per litre higher than that sold by the Dangote Refinery.

Joseph Obele, public relations officer of PETROAN, revealed that petrol supplied by the Port Harcourt Refinery, which resumed operations on Tuesday, costs N75 per litre more than that from the Dangote Refinery.

Speaking at the reopening ceremony of the refinery, now operating at 60,000 barrels per day, Obele applauded the federal government for restoring the facility but highlighted the impact of the price gap on marketers and consumers.

According to him, while Dangote Refinery sells petrol to marketers at N970 per litre, NNPCL’s price stands at N1,045, a difference of N75 per litre.

He described the N75 difference as a significant challenge for marketers, especially in an industry heavily reliant on competitive pricing for profitability.

He said the N75 price differential is a steep margin for businesses, particularly for an industry where profitability hinges on competitive pricing.

The PRO disclosed that Mele Kyari, group chief executive officer of the NNPC, has assured stakeholders of plans to harmonise petrol prices to ease the burden on marketers and consumers.

Despite concerns over pricing, Obele described the reopening of the Port Harcourt Refinery as a major milestone in reducing Nigeria’s dependence on imported petrol products.