PETROAN: Port Harcourt Refinery Fuel Costs N1,045 Per Litre, Dangote Refinery Sells at N970
By Okafor Joseph Afam | November 27, 2024
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns over the high cost of fuel purchased from the old Port Harcourt Refinery, which they claim is more expensive than the product from the Dangote Refinery.
Dr. Joseph Obele, PETROAN’s Public Relations Officer, disclosed this during the official reopening ceremony of the Port Harcourt Refinery, which is now operating at a capacity of 60,000 barrels per day. According to Obele, the price of Premium Motor Spirit (PMS) from the Port Harcourt Refinery is N1,045 per litre, while the Dangote Refinery sells at N970 per litre—a price difference of N75.
Obele emphasized that this margin significantly impacts the profitability of fuel marketers, given the competitive nature of the industry. “The N75 price differential is a steep margin for businesses, especially in an economy where affordability is critical,” he said.
The Nigerian National Petroleum Company Limited (NNPCL) recently confirmed that only the old Port Harcourt Refinery in Rivers State is operational. However, the refinery is not
