NNPCL opens up on fuel pricing at Port Harcourt refinery

The Nigerian National Petroleum Company Limited (NNPCL) has addressed public concerns surrounding the pricing of petrol produced at the recently rehabilitated Port Harcourt Refinery, dispelling rumors that the product is being sold at ₦1,045 per litre.

In a statement issued by NNPCL spokesperson Olufemi Soneye, the company clarified that it has not finalized the pricing structure for petrol refined at the Port Harcourt facility. Sales currently remain exclusive to NNPCL retail outlets, with bulk sales to independent marketers yet to commence.

Soneye noted that the company is still reviewing operational processes, and the purchasing portal for independent marketers remains closed. This has fueled ongoing debate among oil marketers, who have raised concerns about potential pricing disparities.

Independent marketers argue that products from the Port Harcourt Refinery must be competitively priced, preferably lower than the privately-owned Dangote Refinery, which sells petrol at ₦970 per litre.

Marketers worry that if the NNPCL’s pricing exceeds Dangote’s rates, it could lead to reduced patronage and a return to importation to meet consumer demands.

This concern stems from reports that NNPCL currently acquires petrol from Dangote Refinery at ₦1,045 per litre, inclusive of regulatory fees and levies, making it less competitive for resale by independent marketers.

Despite these pricing concerns, the Port Harcourt Refinery has resumed operations at 70% of its installed capacity, with plans to release 200 trucks of refined products daily. The refinery’s output includes significant volumes of diesel, kerosene, and low-pour fuel oil.

As stakeholders await the conclusion of NNPCL’s pricing reviews, the industry watches closely to see how this development will affect the market landscape and Nigeria’s fuel supply chain.