Oil marketers demand competitive pricing from the newly revived Port Harcourt Refinery before sourcing refined products. They insist that the Nigerian National Petroleum Company Limited (NNPCL) must offer petrol prices lower than Dangote Refinery’s rates. Marketers worry they may continue importing fuel if domestic prices remain unappealing, even with the refinery’s reopening.
NNPCL Delays Bulk Sales and Price Portal Opening
The NNPCL responded to claims that it is selling petrol at N1,045 per litre, clarifying that no official price has been set yet. The refinery, which began operations on November 26, is currently only supplying fuel to NNPCL stations. According to NNPCL spokesperson Olufemi Soneye, the company is still reviewing the pricing structure and has not yet initiated bulk sales, as its purchasing portal remains closed.
Petrol Imports Surge Amid Price Uncertainty
Despite the Port Harcourt Refinery’s anticipated revival, Nigerian oil marketers imported over 105 million litres of petrol. The Nigerian Ports Authority reports that four vessels delivered the imported fuel between November 23 and 28. Marketers continue relying on imported fuel, awaiting clearer pricing from the NNPCL’s domestic refineries.
IPMAN Demands Lower Prices for Local Products
IPMAN stated that they won’t buy from the Port Harcourt Refinery unless NNPCL offers prices lower than N970. Chinedu Ukadike, IPMAN’s National Publicity Secretary, emphasized the need for price review due to global market trends. He argued that NNPCL’s current prices of N1,040 to N1,045 per litre are uncompetitive compared to Dangote Refinery’s N970.
PETROAN Denies Claims of Price Release
PETROAN denied reports that NNPCL started selling petrol at N1,045 per litre, according to its President, Billy Gillis-Harry. He clarified that members are still buying fuel under the old pricing structure and await new prices. PETROAN remains hopeful that the NNPCL will offer better pricing for Nigerian consumers once the Port Harcourt Refinery operates fully.
NNPCL Provides Further Clarification on Petrol Supply
The NNPCL also issued a statement clarifying that it has not yet started bulk sales of petrol from the Port Harcourt Refinery to other marketers. The statement explained that the company’s current fuel supply comes from imports through the Dangote Refinery and is being sold at established rates, including necessary fees. The NNPCL reaffirmed that once the refinery is fully up and running, it expects to release products to the market at competitive prices, benefiting both marketers and consumers.
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