Port Harcourt Refinery Resumes Petrol Loading as Dangote, NNPC Crash Petrol Below N900 Per Litre

• The Port Harcourt Refinery has resumed petrol loading after reports said the facility shut down operations
• About 11 trucks were reportedly seen loading at the facility, indicating that the facility has resumed operations
• This development comes as the Dangote Refinery and the NNPC drove competition in the energy sector, crashing petrol prices to N899 per litre

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Port Harcourt Refinery has resumed petrol loading after a one-week lull.

Legit.ng earlier reported a controversy over the refinery’s petroleum product production, with some reports saying the facility stopped operations.

However, the Nigerian National Petroleum Company Limited (NNPC) refuted the report, saying the refinery is still operating.

Trucks load petroleum products at PH refinery

Checks show that on Monday, December 23, 2024, the plant resumed petroleum product lifting, with 11 trucks reportedly seen loading petrol from the depot.

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Punch reports that PMS loading commenced at the refinery about 1 p.m. when trucks moved into the 18-arm loading area. Seven trucks arrived to load at about 2 p.m.

According to the report, about 10 trucks loaded petrol around 4:30 p.m., indicating that more trucks may have been loaded before the close of business.

Marketers at the facility reportedly decried the refinery's frequent shutdown without explanation.

They expressed shock that only three of the 18 arms in the loading bay functioned, and the rest had yet to be calibrated.

Dangote Refinery, NNPC fight for market share

The development comes as the Dangote Refinery and NNPC  crashed petrol prices to N899 per litre respectively, from N970.

Analysts say intense competition drives down petrol prices as crude oil prices decline in the international market.

Reports say that beginning Monday, December 23, 2024, major and independent marketers will begin selling PMS below N1,000 per litre, with MRS outlets selling at N935 as per a deal with the $20 billion Dangote refinery.

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Oil marketers hint at further petrol price cuts as NNPC, Dangote announce cheaper fuel

Nigeria leads African countries with highest petrol prices

Legit.ng reported that Nigeria is among the top oil-producing countries in Africa with high petrol prices

Data from GlobalPetrolPrices disclosed that Nigeria emerged as one of the countries with the highest petrol prices despite being Africa's largest oil-producing country.

The new data disclosed that among the top oil producers in Africa, Gabon recorded the highest petrol prices at $0.952, while Nigeria recorded $0.768 as of December 2024.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng