The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has revealed that the Port Harcourt refinery will sell Premium Motor Spirit (PMS) at N1,030 per litre.
This announcement confirms that the refinery is operational, as stated by the Nigerian National Petroleum Company Limited (NNPCL).
According to PETROAN spokesman Joseph Obele, the NNPCL officially communicated the new price to PETROAN and opened the product request portal for bookings.
PETROAN is currently evaluating pricing strategies to ensure affordability for its members, while also urging NNPCL to lower the price to ease the financial burden on Nigerians during the festive season.
Refinery Operations and Capacity Update
Obele emphasized that the refinery is not just a blending plant, as speculated, but is producing refined petroleum products.
The Port Harcourt refinery’s old plant operates at 70% of its installed capacity, with plans to increase to 90%. Meanwhile, the newer plant, with a capacity of 200,000 barrels per day, remains under rehabilitation and is expected to commence operations soon.
Verification of Claims
To dispel doubts about the refinery’s functionality, stakeholders, including journalists and the Senate Committee on Petroleum Resources, recently toured the facility.
During their visit, they observed operations, including petroleum trucks loading products at the depot.
The Senate Committee, led by Senator Kawu Sumaila, confirmed the plant’s active status and verified its production activities.
PETROAN’s Stance on Privatization and Infrastructure Concerns
PETROAN has expressed support for the proposed privatization of Nigeria’s refineries, advocating for a transparent process that hands operations over to financially capable and technically proficient private firms.
However, they highlighted a pressing issue: the deteriorating state of the Eleme East-West road, which poses significant risks to petroleum trucks transporting flammable products.
PETROAN urged the Federal Ministry of Works to expedite the road’s rehabilitation to ensure safety and efficiency.
Industry Comparisons
This announcement follows a recent N20 reduction in PMS prices by the Dangote refinery, bringing its rate down to N970 per litre.
PETROAN’s openness to patronizing all Nigerian refineries indicates its commitment to competitive pricing and service improvement within the petroleum sector.
As Nigeria approaches the festive season, the refinery’s operations and pricing decisions will significantly impact both the economy and the everyday lives of Nigerians.
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