Oil marketers have set conditions for engaging with the newly revamped Port Harcourt Refinery in Rivers State, managed by the Nigerian National Petroleum Company Limited (NNPCL).
They emphasized that the refinery must offer prices lower than those of the Dangote Refinery to attract their business.
In response to reports claiming NNPCL’s petrol price was around ₦1,045 per litre, the company clarified on Wednesday that it has not yet released official pricing.
According to NNPCL spokesperson Olufemi Soneye, the company is still reviewing prices, and bulk sales have not commenced as the purchasing portal remains closed. Currently, refined products are supplied exclusively to NNPCL stations.
Between November 23 and November 28, oil marketers imported 105.67 million litres of petrol into Nigeria. Marketers noted that at ₦1,045 per litre, NNPCL’s petrol pricing might prompt them to rely on imports to meet local demand.
Documents from the Nigerian Ports Authority, cited by The PUNCH, revealed that four petrol-laden vessels arrived in Nigeria during this period, docking at Lagos Apapa Port and the Ebughu jetty in Cross Rivers State.
The Port Harcourt Refinery, which resumed operations on Tuesday after years of dormancy, is operating at 70% of its installed capacity.
Daily outputs include 1.5 million litres of diesel, 2.1 million litres of low-pour fuel oil, 1.4 million litres of naphtha (for blending into premium motor spirit), and 900,000 litres of kerosene. Approximately 200 trucks of petrol are expected to be distributed daily.
Despite the refinery’s restart, marketers raised concerns over its pricing strategy. The Dangote Refinery currently offers petrol at ₦970 per litre for bulk purchases, making price a key factor in marketers’ decision-making.
Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), warned that high prices from the Port Harcourt Refinery could discourage marketers, though he expressed optimism about a potential price review aligned with global market trends.