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......Read The Full Article>>.....Read The Full Article>>
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.
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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.
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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.
