The Nigerian National Petroleum Company (NNPC) confirmed that it regularly reviews and adjusts its prices as necessary, adding that the products from the Port Harcourt Refinery are currently available only at its retail stores.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) stated on Wednesday that the Nigerian National Petroleum Company Limited (NNPC Ltd) has not announced any new petrol price from the Port Harcourt Refinery. According to PETROAN’s National President, Billy Gillis-Harry, their members are still purchasing petrol at the old price, awaiting the release of updated prices.
This statement was made in response to reports that the price of petrol at the Port Harcourt Refinery is N75 higher than at the Dangote Refinery. PETROAN’s National Public Relations Officer, Joseph Obele, mentioned during the refinery’s reopening on Tuesday that petrol at the Port Harcourt Refinery is being sold for N1,045 per litre, which is N75 more than the N970 per litre charged by Dangote Refinery.
PETROAN clarified that no new price for Premium Motor Spirit (PMS) has been issued by the Port Harcourt Refinery, and its members are continuing to purchase petrol based on the old pricing structure while waiting for the new price to be announced. The association expressed optimism that the NNPC would soon confirm the new petrol price.
Responding on Wednesday night, NNPC Ltd’s Chief Corporate Communications Officer, Olufemi Soneye, stated that the company has not yet started bulk sales of petrol and has not opened the purchase portal, as it is still finalizing the necessary processes. Currently, the NNPC is selling petrol sourced from the Dangote Refinery.
The NNPC also reiterated that it regularly reviews its prices and adjusts them accordingly. The products from the Port Harcourt Refinery are currently designated for the company’s retail stores.
Soneye added, “We have not yet commenced bulk sales, and we have not yet opened the purchase portal as we are still finalizing the necessary processes. At present, the products we are selling are sourced from the Dangote Refinery, which includes fees from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The Port Harcourt products are currently available only for our retail stores. Our prices are regularly reviewed and adjusted as required.”
Earlier, on Tuesday, NNPC Ltd confirmed that production at the Port Harcourt Refinery had resumed after extensive rehabilitation. The refinery began truck-loading of petroleum products on November 26.
The Port Harcourt Refineries consist of two units, with the older plant refining 60,000 barrels per day (bpd) and the newer plant processing 150,000 bpd, totaling a capacity of 210,000 bpd. The refinery had been shut down in March 2019 for the first phase of repairs, which were managed by Italy’s Maire Tecnimont and oil giant Eni as the technical adviser. In 2021, NNPC Ltd confirmed that repair work had started after the Federal Executive Council (FEC) approved $1.5 billion for the project.
