The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns about the pricing disparity between Premium Motor Spirit (PMS), also known as petrol, from the recently reopened Port Harcourt Refinery and the Dangote Refinery.
Joseph Obele, PETROAN’s public relations officer, revealed that petrol supplied by the Port Harcourt Refinery, which resumed operations on Tuesday, costs N75 per litre more than that from the Dangote Refinery.
Read also: Port Harcourt refinery restart seen easing FX pressure
Speaking at the reopening ceremony of the refinery, now operating at 60,000 barrels per day, Obele applauded the federal government for restoring the facility but highlighted the impact of the price gap on marketers and consumers.
According to him, while Dangote Refinery sells petrol to marketers at N970 per litre, NNPCL’s price stands at N1,045, a difference of N75 per litre.
He described the N75 difference as a significant challenge for marketers, particularly in an industry heavily reliant on competitive pricing for profitability.
He said the N75 price differential is a steep margin for businesses, particularly for an industry where profitability hinges on competitive pricing.
Read also: Dangote refinery lowers petrol ex-depot price to N970 from N990
Obele disclosed that Mele Kyari, NNPC’s group chief executive officer, has assured stakeholders of plans to harmonise petrol prices to ease the burden on marketers and consumers.
Despite concerns over pricing, Obele described the reopening of the Port Harcourt Refinery as a major milestone in reducing Nigeria’s dependence on imported petrol products.
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