NNPCL charges ₦1,045 per litre, which is ₦75 more than the ₦970 per litre that Dangote Refinery sells to marketers, according to PETROAN.
The price of Premium Motor Spirit produced by the former Port Harcourt Refinery, which started up again on Tuesday, is ₦75 per litre more than that of the Dangote Refinery, according to the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).
Dr. Joseph Obele, the association’s public relations officer, made this announcement at the refinery’s formal reopening ceremony. The refinery can now process 60,000 barrels per day.
Concerned about the price difference between petrol supplied by the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Refinery, Dr Obele, a former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at the Port Harcourt Deport, first praised the federal government for revitalising the old refinery.
He claims that NNPCL charges ₦1,045 per litre for petrol, a discrepancy of ₦75 per litre, while Dangote Refinery sells it to marketers for ₦970.
According to him, the ₦75 price difference is a significant difference for companies, especially in a sector where competitive pricing is essential to profitability.
Nonetheless, he said that the restoration of the refinery was an important step in lessening Nigeria’s reliance on petroleum imports.
In order to lessen the impact on marketers and customers, Obele disclosed that Mele Kyari, the Group Chief Executive Officer of NNPCL, had pledged to resolve the matter and harmonise prices.
Stakeholders in the industry applaud the Port Harcourt Refinery’s reopening because it is anticipated to increase domestic production capacity and lessen dependency on imports.
Nonetheless, worries about price differences highlight the necessity of ongoing reforms to stabilise the petroleum industry’s downstream sector.
