The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has said the price of Premium Motor Spirit churned out by the old Port Harcourt Refinery which resumed production on Tuesday, is ?75 per litre higher than that sold by the Dangote Refinery.

This was revealed by the association?s Public Relations Officer, Dr. Joseph Obele, during the official reopening ceremony of the refinery, which is now operating at a capacity of 60,000 barrels per day.

Dr Obele, a former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at the Port Harcourt Deport who initially applauded the federal government for revitalising the old refinery, expressed concern over the pricing disparity between petrol supplied by the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Refinery.

According to him, while Dangote Refinery sells petrol to marketers at ?970 per litre, NNPCL?s price stands at ?1,045, a difference of ?75 per litre.

He said the ?75 price differential is a steep margin for businesses, particularly for an industry where profitability hinges on competitive pricing.

He, however, described the refinery?s restoration as a significant step in reducing Nigeria?s dependence on imported petroleum products.

Obele revealed that the Group Chief Executive Officer of NNPCL, Mele Kyari, has promised to address the issue and harmonise prices to mitigate the impact on marketers and consumers.

The reopening of the Port Harcourt Refinery is expected to enhance local production capacity and reduce reliance on imports, a move welcomed by stakeholders across the sector.

However, concerns over pricing disparities underscore the need for continuous reforms to stabilise the downstream sector of the petroleum industry. (Channels TV)

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