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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns about the price of Premium Motor Spirit (PMS) from the recently reopened Port Harcourt Refinery. ...READ THE FULL STORY FROM SOURCE ...READ THE FULL STORY FROM SOURCE
According to Dr. Joseph Obele, the association’s Public Relations Officer, petrol supplied by the Nigerian National Petroleum Company Limited (NNPCL) from the refinery costs ₦75 more per litre than that sold by the Dangote Refinery.
During the official reopening ceremony, it was revealed that the refurbished Port Harcourt Refinery, now operating at a capacity of 60,000 barrels per day, prices its PMS at ₦1,045 per litre, compared to ₦970 per litre at the Dangote Refinery.
Dr. Obele, a former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at the Port Harcourt Depot, expressed concern over this pricing disparity, describing it as a steep margin that could impact the profitability of marketers and affordability for consumers.
Despite these concerns, Dr. Obele applauded the federal government’s efforts to revitalise the refinery, emphasizing that this step is crucial in reducing Nigeria’s reliance on imported petroleum products.
He also disclosed that NNPCL’s Group Chief Executive Officer, Mele Kyari, has pledged to address the pricing issue and work towards harmonising rates to ease the burden on stakeholders.
The reopening of the Port Harcourt Refinery marks a significant milestone in boosting local production capacity and reducing the nation’s dependency on imports.
However, the pricing disparity highlights the need for further reforms to stabilise the downstream sector and ensure competitive pricing for petroleum products.
Stakeholders have welcomed the refinery’s restoration but stress the importance of addressing such challenges to fully realise the benefits of increased local production.…READ THE FULL STORY FROM SOURCE : …READ THE FULL STORY FROM SOURCE
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