The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has announced that petrol will now sell at N1,030 per litre from the reopened Port-Harcourt refinery, operated by the Nigerian National Petroleum Company Limited (NNPCL). This development was disclosed in a statement released on Thursday by PETROAN spokesperson, Joseph Obele, who noted that NNPCL has officially opened its product request portal for marketers.

“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 is open for booking and requests,” Obele said.

PETROAN’s Reaction

Obele revealed that PETROAN’s strategic pricing team is currently assessing competitive rates to benefit its members. He added that the association is open to engaging with all functional refineries in the country to ensure affordability and availability of petroleum products.

In the same vein, PETROAN has urged the NNPCL to consider reducing the price to alleviate the financial strain on Nigerians, especially during the festive season.

Operational Status of the Port-Harcourt Refinery

The announcement comes against a backdrop of skepticism regarding the refinery’s operational capacity. Addressing these concerns, Obele reaffirmed that the refinery is active and producing.

“On Tuesday, November 26, 2024, NNPCL’s top management, led by Mele Kyari, organized a site inspection for stakeholders and journalists. The old Port Harcourt refinery is currently operating at 70% of its installed capacity, with projections to reach 90% capacity soon,” he stated.

Comparative Pricing

The new petrol price at the Port Harcourt refinery surpasses the Dangote Refinery’s rate, which recently reduced its price to N970 per litre, down from N990. This disparity has sparked debates among stakeholders, with many urging the NNPCL to match or lower its rates to remain competitive and lessen the economic burden on consumers.

Implications for the Nigerian Economy

This price adjustment reflects the challenges of balancing operational costs with consumer affordability in Nigeria’s energy sector. As the festive season approaches, stakeholders are keenly observing whether further negotiations or policy interventions will provide relief to consumers already grappling with rising living costs.

The development highlights the ongoing complexities in Nigeria’s oil and gas industry, particularly concerning local refinery operations and market competitiveness.