NNPC Announces New Port Harcourt Refinery’s Petrol Price, Marketers Compare to Dangote's
- Compared to the Dangote Refinery, the old Port Harcourt Refinery's Premium Motor Spirit costs N75 more per liter
- The spokesperson for Petroleum Products Retail Outlets aid that the price difference is a significant difference for companies
- He asserts that Dangote Refinery sells gasoline to marketers for N970 per liter, while NNPCL charges N1,045 per liter, a difference of N75 per liter
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has said that the price of premium motor spirit produced by the old Port Harcourt Refinery per litre is N75 higher than that of the Dangote Refinery.
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Dr. Joseph Obele, the association's public relations officer, announced this at the refinery's formal reopening ceremony. The Port Harcourt refinery now processes 60,000 barrels per day.
Dr. Obele, a former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at the Port Harcourt Depot, expressed concern over the price disparity between petrol supplied by the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Refinery. However, he first commended the federal government for its efforts in revitalizing the old refinery.
ChannelsTV reported that he claimed that NNPCL charges N1,045 per liter for petrol, a discrepancy of N75 per litre, while Dangote Refinery sells it to marketers for N970.
According to him, the N75 price difference is a significant difference for companies, especially in a sector where competitive pricing is essential to profitability.
Nonetheless, he said that the restoration of the refinery was an important step in lessening Nigeria's reliance on petroleum imports.
Obele disclosed that Mele Kyari, the group chief executive officer of NNPCL, has pledged to resolve the matter and harmonize rates to lessen the impact on marketers and customers.
Marketers project new petrol price by December
Legit.ng earlier reported that Petroleum marketers revealed that petrol prices may crash further between N900 and N1000 per litre by the Christmas period due to Dangote Refinery’s intervention.
The Petroleum Products Retail Outlets Owners Association (PETROAN) president, Billy Gillis-Harry, and the national publicity secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, stated this recently.
The development comes amid a petrol price slash by the Dangote Refinery on Sunday, November 24, 2024.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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