The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has confirmed that petrol from the refurbished Port Harcourt refinery will be sold at N1,030 per litre. This announcement follows the Nigerian National Petroleum Company Limited’s (NNPCL) recent claims of the refinery’s operational status.
In a statement issued on Thursday, PETROAN spokesman Joseph Obele revealed that NNPC Retail Ltd officially communicated the price and opened its product request portal for bookings.
Obele stated, “NNPC Retail Ltd has officially announced the PMS price at the Port Harcourt refinery as N1,030 per litre. The product request portal is open for bookings.” He added that PETROAN is currently analyzing the pricing to determine the most favorable rates for its members and reiterated the association’s commitment to supporting all functional refineries in Nigeria.
Obele also dismissed speculation about the refinery’s non-functionality, explaining that the old Port Harcourt refinery is operating at 70% of its capacity, with plans to increase production to 90%. On November 26, 2024, NNPCL’s leadership, led by Mele Kyari, took stakeholders and journalists on a tour of the facility to showcase its operations.
The refinery’s older unit, with a capacity of 60,000 barrels per day, is currently in operation, while the newer unit, which can process 200,000 barrels daily, remains under rehabilitation. The Senate Committee on Petroleum Resources, led by Senator Kawu Sumaila, also verified the refinery’s functionality during a recent inspection, observing trucks loading petroleum products at its depot.
PETROAN expressed support for the proposed privatization of Nigeria’s refineries and called for a credible and transparent process. Obele emphasized that the plants should be handed over to reputable private firms with the financial and technical capacity to manage them effectively.
Highlighting infrastructure concerns, Obele noted the poor condition of the Eleme East-West road as a major risk to petroleum trucks transporting products from the refinery. He urged the Federal Ministry of Works and RCC, the contractor handling the road project, to expedite repairs to ensure safety.
This development comes amid a recent price reduction by the Dangote Refinery, which lowered its PMS price from N990 to N970 per litre. PETROAN has encouraged NNPC Retail to consider further price reductions to ease the burden on Nigerians during the festive season.