See NNPC, oil marketers reactions to PH refinery petrol price reports

• PETROAN has clarified widely reported claims about petrol pricing from the Port Harcourt Refinery
• The refinery recently commenced production and raised hopes of lower pump prices at filling stations
• However, these hopes were dashed by reports that the pump price for petrol from the refinery exceeds N1,000 per litre

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Petroleum Products Retail Outlet Owners Association of Nigeria(PETROAN) have dismissed recent reports claiming that the Port Harcourt Refinery is already selling petrol to marketers for a price above N1,000 per litre.

In a statement, Billy Gillis-Harry, the National President of PETROAN, noted that NNPCL has not yet released petrol from the refinery for marketers to buy.

No price yet for PH refinery petrol Photo credit: nnpclimited
Source: Getty Images

The clarification comes amid heightened public interest in fuel prices following the resumption of activities at the PH refinery.

Punch reported that Joseph Obele, PETROAN’s National Public Relations Officer, said that the PH refinery price is N1,045 per litre, which is N75 higher than the N970 per litre offered by Dangote Refinery.

Obele was quoted as saying:

"Yes, the Port Harcourt refinery is selling petrol for N1,045 per litre to marketers. That is N75 higher than the price from Dangote.“This high price is why marketers are not going to pick up products from the refinery. But the NNPCL GCEO has assured that the price would be reduced.”

Port Harcourt Refinery has not issued a new petrol price

Gillis-Harry, in reaction, said:

“We are pleased that production and loading of refined petroleum products have begun at the refinery, and we expect NNPC to soon announce the new price of PMS for the benefit of Nigerians”

Similarly, Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd, noted that the company had not yet commenced bulk sales.

Soneye explained:

“We have not yet started bulk sales, nor have we opened the purchase portal as we are still finalizing the necessary processes."

He further stated that the products currently being sold at NNPC retail outlets were sourced from the Dangote Refinery, which includes the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fees.

NNPC spokesperson added:

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

NNPC suspends petrol imports by marketers

Legit.ng earlier reported that the Nigerian National Petroleum Company Limited (NNPC) had directed oil marketers to halt petrol imports, stating that the Dangote Refinery had sufficient capacity to meet domestic needs.

According to reports, the directive came amid a high-level meeting in Abuja attended by NNPC Group CEO Mele Kyari, representatives of the Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPPMAN), and key stakeholders.

Representatives of 11 PLc, Matrix, AA Rano, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) were also present at the meeting.

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Source: Legit.ng