Oil Marketers Give Conditions to Buying Port Harcourt Refinery Petrol as NNPC Speaks on Pricing
- Oil marketers have said they may boycott petrol from the newly refurbished Port Harcourt Refinery
- They disclosed that the refinery’s petrol must be cheaper than the one offered by the Dangote Refinery
- Meanwhile, the NNPC has reacted to claims that it sells petrol from the Port Harcourt refinery for N1,045 per litre, saying it is yet to release prices
Don't miss out! Join Legit.ng's Sports News channel on WhatsApp now!
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Oil marketers have given conditions to patronising the newly refurbished Port Harcourt Refinery.
The marketers say that the refinery must sell petrol cheaper than the one offered by the Dangote Refinery.
Source: UGC
NNPC says no prices yet for PH refinery petrol
However, the NNPC reacted to claims on Wednesday, November 27, 2024, that its price was about N1,045 per litre, saying that the facility has yet to release prices as products from the refinery were only being sold at NNPC stations.
PAY ATTENTION: Legit.ng Needs Your Help! Take our Survey Now and See Improvements at LEGIT.NG Tomorrow
NNPC spokesman Olufemi Soneye revealed that the state oil company was still reviewing its prices and has yet to begin bulk sales as its purchasing portal is closed.
According to a Punch report, oil marketers imported about 105.67 million litres of petrol into Nigeria in five days.
The marketers confirmed that the NNPC sold petrol at N1,045 per litre, stating that they may be forced to begin petrol imports to meet local demands.
Marketers import 105 million litres of petrol
The report said about 78,800 metric tonnes, representing 1o5,67 million litres, came into the country in the last five days between November 23 and November 28.
On Tuesday, November 26, 2024, the Port Harcourt Refinery resumed operations after several years.
The national oil firm said the refinery had been renovated and upgraded with modern equipment and operates at 70% refining capacity.
The company disclosed that diesel and Pour Fuel Oil would be the highest output from the facility, with a daily capacity of 1.5 million litres and 2.1 million litres, respectively.
Oil marketers reacted to the claims that the refinery’s petrol was pricier than that of Dangote.
Marketers believe NNPC would crash petrol prices
The national publicity secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, disclosed that the NNPC is yet to release any price for products from the refinery, saying that a high price would be a discouragement.
The Dangote Refinery advertised its petrol at N970 per litre, while imported petrol sells around that same price.
The IPMAN spokesman said that NNPC could crash petrol prices from the Port Harcourt Refinery when it reaches total capacity.
Ukadike stated that the NNPC sells petrol at N1,040 or N1,045 per litre at its retail stations, while Dangote Refinery recently revised its price for marketers from N990 to N970 per litre.
Port Harcourt refinery begins fuel distribution
Legit.ng earlier reported that the NNPC says the Port Harcourt refinery has begun loading petroleum products into trucks for onward distribution.
The NNPC disclosed in a statement on Tuesday, November 26, 2024, that the promise to re-stream the refinery has been met.
After a five-year hiatus, the refinery began production on Tuesday, November 26, 2024.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
