The recently rehabilitated Port Harcourt Refinery has started selling Premium Motor Spirit (PMS) at N1,045 per litre, which is N75 higher than the N970 per litre offered by Dangote Refinery.
This new price, confirmed by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has sparked concerns despite the refinery resuming operations after several years of inactivity.
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The refinery, which resumed production on Tuesday, has generated initial praise from Nigerians and industry stakeholders. However, the price difference compared to existing ex-depot prices is causing some unease.
Dr. Joseph Obele, National Public Relations Officer of PETROAN, confirmed the price hike on Wednesday in an interview. He explained that the higher cost of petrol at the Port Harcourt refinery has led many marketers to refrain from purchasing products from the facility.
“Yes, the Port Harcourt refinery is selling petrol for N1,045 per litre to marketers. That is N75 higher than the price from Dangote. This high price is why marketers are not going to pick up products from the refinery. But the NNPCL GCEO has assured that the price would be reduced,” Obele stated.
After several delays, the Port Harcourt Refinery commenced fuel production, releasing about one million litres of refined products on Tuesday. The Nigerian National Petroleum Company Limited (NNPCL) revealed that the refurbished facility, with a capacity of 60,000 barrels per day, has been upgraded with modern equipment and is now operating at 70 percent of its installed capacity.
The refinery is expected to produce up to 200 trucks of refined products daily, with diesel and low-pour fuel oil being the highest outputs. NNPCL also reported that the plant’s daily capacity includes 1.5 million litres of diesel, 2.1 million litres of Pour Fuel Oil, 1.4 million litres of Premium Motor Spirit (petrol), 900,000 litres of kerosene, and 2.1 million litres of low-pour fuel oil.
