PETROAN discloses Port Harcourt refinery petrol price

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has disclosed that petrol from the recently reopened Port Harcourt Refinery is being sold at ₦1,045 per litre.

This price is ₦75 higher than the ₦970 per litre set by Dangote Refinery.

The Port Harcourt Refinery, which resumed operations on Tuesday, after undergoing extensive rehabilitation, boasts a daily production capacity of 60,000 barrels.

While the restart of local refining has been celebrated as a milestone in reducing Nigeria’s reliance on imported fuel, the price differential has raised concerns among marketers and consumers.

PETROAN expressed worries that the higher price places a financial burden on marketers, potentially impacting fuel distribution and availability. The association also questioned the competitiveness of pricing mechanisms in the sector, given the stark difference between the two major players.

In response, the Nigerian National Petroleum Company Limited (NNPCL) has assured stakeholders that measures are being taken to address these pricing disparities. The company emphasized its commitment to ensuring a fair and balanced pricing framework that benefits both marketers and consumers.

As local production increases, the challenge remains to strike a balance that supports economic stability while making fuel more affordable. Stakeholders across the industry are urging for transparent pricing policies to maximize the benefits of increased domestic refining capacity.