The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has revealed that the Port Harcourt refinery will sell petrol at N1,030 per litre.
This follows claims by the Nigerian National Petroleum Company Limited (NNPCL) that the refinery is operational.
In a statement issued on Thursday night, PETROAN spokesperson Joseph Obele confirmed that NNPC Retail Ltd officially set the price for premium motor spirit (PMS) at N1,030 per litre at the refurbished refinery. He added that the product request portal is now open for bookings.
“NNPC Retail Ltd has officially announced the PMS price at the Port Harcourt refinery as N1,030 per litre. It was also communicated to PETROAN that the product request portal was open for booking/request,” Obele stated.
He further explained that PETROAN’s strategic pricing team is currently assessing favorable pricing options for its members. The association is also open to sourcing products from all Nigerian refineries.
PETROAN urged NNPC Retail to lower the price further, allowing Nigerians to enjoy an affordable and festive Yuletide season. This call comes on the heels of the Dangote refinery’s recent N20 reduction in PMS prices, lowering its rate to N970 per litre.
Addressing skepticism about the Port Harcourt refinery’s functionality, Obele affirmed that the old refinery is operational and producing refined products.
“The old Port Harcourt refinery is currently operating at 70% of its installed capacity, with plans to ramp up to 90%. On Tuesday, November 26, 2024, NNPCL’s top management, led by Mele Kyari, conducted a tour with stakeholders and journalists to verify operations,” Obele said.
He clarified that the refinery is not merely a blending plant, as some speculated. The old refinery, with a capacity of 60,000 barrels per day, is functional, while the new refinery, designed for 200,000 barrels per day, is still undergoing rehabilitation and expected to commence production soon.
Obele also noted that the Senate Committee on Petroleum Resources, chaired by Senator Kawu Sumaila, recently conducted a fact-finding visit to the refinery. The committee, alongside PETROAN leadership and host community members, confirmed that the facility is operational, with petroleum trucks actively loading products at the depot.
Highlighting a critical infrastructure issue, Obele pointed to the deteriorating state of the Eleme East-West Road, which poses significant risks to petroleum trucks transporting flammable products. He urged the Federal Ministry of Works to expedite the road’s repair, a project currently being handled by RCC.
PETROAN reiterated its support for the proposed privatization of state-owned refineries, advocating for a credible and transparent process. Obele emphasized the need for these facilities to be handed over to reputable private firms with the financial and technical capacity to manage them effectively.
