PETROAN Confirms N1,030 Petrol Price from Revamped Port Harcourt Refinery

PETROAN Confirms N1,030 Petrol Price from Revamped Port Harcourt Refinery

  • The association of petrol retailers has disclosed the price that Nigeria's NNPC plans to sell the product for
  • This information follows agreements reached between the state-owned oil company and the marketers of the product
  • PETROAN revealed that petrol from the revamped Port Harcourt refinery will be priced at N1,030 per litre

Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the Stock Market.

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has revealed that petrol from the Port Harcourt refinery will be priced at N1,030 per litre.

Earlier this week, the NNPC received widespread praise from Nigerians for announcing the official commencement of crude oil processing at the Port Harcourt Refinery.

Port Harcourt refinery sets N1,030 price as fuel hits market
PETROAN appealed to NNPC Retail to further lower the petrol price, aiming to ensure Nigerians enjoy a joyous and affordable Yuletide season. Photo credit - NNPC
Source: Twitter

The NNPC had also clarified that bulk product sales have not begun at the refinery despite reports of product trucking on Tuesday, November 26.

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Marketers oppose NNPC’s petrol price from Port Harcourt refinery

Port Harcourt refinery sets petrol price

According to a statement issued on Thursday by PETROAN’s spokesperson, Joseph Obele, the Nigerian National Petroleum Company Limited (NNPC) informed the association of the price of a litre of petrol from the refurbished refinery.

According to Punch, PETROAN revealed that petrol from the Port Harcourt refinery will be priced at N1,030 per litre.

The PETROAN spokesman said:

“NNPC Retail Ltd has officially announced the PMS price at the Port Harcourt refinery as N1,030 per litre. It was also communicated to PETROAN that the product request portal was open for booking/request.”

He stated that PETROAN’s strategic pricing team is currently evaluating the most advantageous pricing options for its members and remains open to sourcing products from all refineries across Nigeria.

Additionally, PETROAN appealed to NNPC Retail to further lower the petrol price, aiming to ensure Nigerians enjoy a joyous and affordable Yuletide season.

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“Price will crash”: Ex-NNPC boss sees new petrol price from PH, Dangote refinery

Another oil marketer who pleaded anonymity told Legit.ng that the price fixed by the NNPC was quite high for marketers compared with that sold at Dangote Refinery.

He said:

"The higher cost of petrol from NNPC’s Port Harcourt refinery compared to Dangote Refinery is concerning for marketers. It challenges competitiveness and threatens profitability.
"Given the ongoing economic pressures, NNPC must review its pricing strategy to align with market realities, ensuring affordability and stability in the downstream sector. Competitive pricing is key to sustaining industry confidence and consumer trust."

PH refinery fully operational, not blending

Addressing allegations that the Port Harcourt refinery is not operational as claimed by the NNPC, Obele affirmed that the facility is currently functional and producing refined petroleum products.

He further noted that NNPC’s top management, led by Mele Kyari, had invited stakeholders and journalists to the refinery to provide firsthand information and allow them to observe its operations directly.

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NNPC announces new fuel price, filling stations to adjust pumps

Obele said:

"The old Port Harcourt refinery is currently operating at 70 per cent of its installed capacity, with plans to ramp up to 90 per cent.“

Obele clarified that contrary to rumours, the revamped refinery is not just a blending facility but is fully operational and productive.

He highlighted that the operational facility is the older refinery, which has a capacity of 60,000 barrels per day.

Meanwhile, the newer Port Harcourt refinery, with a capacity of 200,000 barrels per day, remains under rehabilitation but is expected to begin production soon, as announced by the NNPCL management.

Nigeria’s surpasses OPEC crude oil production quota

Meanwhile, Legit.ng earlier reported that the NNPC and the Nigeria Upstream Petroleum Regulatory Authority (NUPRA) announced that Nigeria’s crude oil production exceeded the 1.5 million barrels per day OPEC quota.

The NNPC spokesman disclosed this to clarify that there was no disparity between the crude oil production figures released by the NNPC and those of NUPRA.

Read also

Marketers lift 251 million litres of Dangote petrol as NNPC confirms PH refinery price

The state oil firm maintained that it is working closely with relevant stakeholders to raise the nation’s crude oil production to two million barrels per day by the end of the year.

Source: Legit.ng

Authors:
Victor Enengedi avatar

Victor Enengedi (Business HOD) Victor Enengedi is a trained journalist with over a decade of experience in both print and online media platforms. He holds a degree in History and Diplomatic Studies from Olabisi Onabanjo University, Ogun State. An AFP-certified journalist, he functions as the Head of the Business Desk at Legit. He has also worked as Head of Editorial Operations at Nairametrics. He can be reached via victor.enengedi@corp.legit.ng and +2348063274521.