Port Harcourt Refinery Begins Fuel Distribution as Marketers Project Price Difference
- The Nigerian National Petroleum Company Limited (NNPC) said that the Port Harcourt Refinery has begun loading petrol into trucks
- The company disclosed that the move aligns with its promise to re-launch the refinery to boost Nigeria’s energy supply
- Meanwhile, marketers decried the petrol price from the Port Harcourt Refinery, saying it was costlier than Dangote's price
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian National Petroleum Company Limited (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.
Source: Getty Images
NNPC begins loading fuel from PH Refinery
Legit.ng reported that the refinery began production on Tuesday, November 26, 2024, after a five-year hiatus.
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NNPC spokesman Olufemi Soneye said the development shows the commencement of crude oil processing from the plant and the delivery of petroleum products into the market.
The statement said:
“On Tuesday, trucks began loading petroleum products, which include Premium Motor Spirit (PMS) or petrol, Automotive Gas Oil (AGO) or diesel and Household Kerosene (HHK) or Kerosene, while other product slates will be dispatched as well.” the statement reads.
The NNPC Group CEO, Mele Kyari, described the truck-loading as a significant achievement for Nigeria.
Marketers decry Port Harcourt Refinery petrol price
TheCable reports that Kyari stated that the commencement of production at the refinery shows a new era of energy independence and economic growth for Nigeria.
Meanwhile, the Petroleum Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns about the price difference of petrol from the Port Harcourt Refinery and the Dangote facility.
PETROAN's public relations officer disclosed that petrol from the Port Harcourt Refinery is N75 higher than Dangote Petrol.
He said that while Dangote sells to marketers at N970 per litre, NNPC sells at N1,045, showing a difference of N75 per litre.
Markers rush to lift Dangote petrol at a reduced price
Legit.ng earlier reported that oil marketers struck a deal with the Dangote Refinery to supply at least 28 million litres of petrol daily for six months for domestic consumption.
The development came amid an announcement by the refinery that it had slashed the ex-depot petrol price from N990 per litre to N970, saying it was a way of appreciating Nigerians.
A stakeholders’ meeting at the weekend in Abuja resolved that petroleum products marketers would cease petrol imports. The meeting stressed that if they had to import new products, it would be due to the unavailability of products from the Dangote refinery.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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Source: Legit.ng
