Marketers Oppose NNPC’s Petrol Price from Port Harcourt Refinery
- The Port Harcourt Refinery has confirmed scaling down operations due to technical hitches at the facility
- The refinery stated that it did not completely halt operations but marketers have rejected the petrol price from the refinery
- Oil marketers had said that NNPC was selling petrol from the refinery at N1,034 per litre, representing 60% more than Dangote Refinery's
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Port Harcourt Refinery has disclosed that it did not halt operations completely but scaled down to speed up facility repairs.
The facility disclosed on Sunday, December 1, 2024, that the Independent Petroleum Marketers Association of Nigeria (IPMAN) insisted it would not purchase petroleum products from the refinery if the Nigerian National Petroleum Company Company Limited (NNPC) sells its products at an excessive rate.
Source: UGC
Oil marketers reject NNPC’s reduced petrol price
Oil marketers had said that NNPC was selling petrol from the refinery at N1,034 per litre, representing 60% more than the price from the Dangote Refinery.
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However, NNPC denied the claim but failed to reveal the petrol price from the refurbished refinery.
Ibrahim Onoja, the executive director of operations at the refinery, told journalists during a tour that there was a temporary hitch in operations, stating that the reduction in operations was essential to address the technical issues and boost capacity.
According to Onoja, product distribution is ongoing at the facility, with several trucks loading refined products, adding that the process would continue without hitches.
Meanwhile, IPMAN has said it will only buy products from the Port Harcourt refinery if the NNPC sells fuel at an affordable rate.
The association said it did not expect the refinery’s petrol to be more expensive than the Dangote refinery or at par with imported products.
Punch reports that IPMAN’s publicity secretary, Chinedu Ukadike, disclosed that fuel from the Port Harcourt refinery should be more affordable.
IPMAN to buy petrol from another source
The IPMAN top shot reacted to Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) claims that the NNPC would sell its petrol at N1,030 per litre.
Ukadike said the price was unacceptable so that independent marketers would purchase petrol from another source.
Legit.ng earlier reported that NNPC has yet to begin selling petrol from the Port Harcourt refinery to outsiders, saying that the products are for its retail outlets only.
NNPC chief communications officer Olufemi Soneye disclosed that the company would review the price shortly.
“Our pricing is reviewed and adjusted periodically as necessary to reflect operational realities,” he stated.
FG licenses another refinery in the North
Legit.ng earlier reported that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) approved the licence for a new refinery.
Process Design and Development Limited received NMDPRA's approval to establish and construct a new 27,000 barrels per day refinery.
The authority disclosed that the new refinery would be located in the Dole-Wure, Akko area of Gombe state.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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Source: Legit.ng
