PETROAN: Port Harcourt refinery yet to fix petrol price

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says the Port Harcourt Refinery Company Limited has not released any new purchase price for Premium Motor Spirit (PMS), commonly known as petrol, in the country.

The National President of PETROAN, Dr Billy Gillis-Harry, made this known in a statement on Wednesday, November 27, 2024.

The Port Harcourt refinery, operated by the Nigerian National Petroleum Company Limited (NNPCL), on Tuesday, November 26, began the first truck-out of petroleum products following the re-streaming of the rehabilitated facility.

The re-streaming and truck loading signalled the commencement of crude oil processing from the refinery and delivery of fuel to the market.

The rehabilitated refinery is currently operating at 70 per cent of its installed 60,000 barrels per day (bpd) capacity, with plans to ramp up to 90 per cent.

Reports later emerged that the rehabilitated refinery began selling petrol at N1,045 per litre, a price N75 higher than the N970 per litre offered by the Dangote refinery in Lagos State.

However, Gillis-Harry said PETROAN members only bought petrol with the old pricing template while awaiting the new prices.

NNPCL debunks counterclaims, says Port Harcourt refinery producing fuel

“We are excited that the production and loading of refined petroleum products have commenced at the refinery and we are expecting that soon, the price of PMS will be stated by NNPCL to the benefit of Nigerians,” he said.

Reacting to this, the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, said the company had not commenced bulk sales.

Soneye stated: “We have not yet commenced bulk sales and we have not yet opened the purchase portal as we are still finalising the necessary processes.

“At present, the products we are selling at our retail outlets are what we bought from the Dangote Refinery, which includes the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fees.

“The product from Port Harcourt Refinery is currently for our retail stores. Our prices are regularly reviewed and adjusted as required.”

The Star