Oil marketer's have made it clear what they need before they consider buying from the recently renovated Port Harcourt Refinery (PHRC). They want the Nigerian National Petroleum Company Limited (NNPCL) to set prices for refined products below those of Dangote Petroleum Refinery. In response to claims about petrol prices being around N1,045 per liter, NNPCL explained that they haven’t announced any official prices yet, as products from the refinery are currently only going to NNPCL stations. Olufemi Soneye, a spokesperson for the company, also noted that they haven’t started bulk sales and the purchasing portal is still not open.
These discussions took place on November 28, 2024. During that time, it was reported that oil marketers had imported 105.67 million liters of petrol over five days to help meet the local demand, as some were thinking about importing due to higher prices at home. The Port Harcourt refinery resumed operations on November 26, 2024, after extensive upgrades. Right now, it’s running at 70% of its capacity, producing petrol, diesel, kerosene, and low-pour fuel oil daily.
The restart of PHRC's operations has been long-awaited. Following several delays and failed promises since late 2023, the refinery’s revival is now seen as a critical milestone in reducing Nigeria's reliance on imported petroleum products. The refinery, part of the country’s four major refineries with a total capacity of 445,000 barrels per day, has been plagued by inefficiency and poor performance for decades.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has pointed out that NNPCL still hasn’t released any prices for the products from the refurbished refinery. Chinedu Ukadike, IPMAN’s National Publicity Secretary, mentioned that marketers would only buy from NNPCL if their prices are better than Dangote's. Currently, Dangote Refinery offers petrol at N970 per liter, while NNPCL has been selling it at N1,040 to N1,045 per liter in the past.
Another industry group, PETROAN, also noted that NNPCL hasn’t set any new prices, and their members are still waiting for updates. NNPCL has stated that the petrol from the Port Harcourt refinery is only available at their retail stations for now and that they are still working on finalizing prices.
This situation has raised concerns among oil marketers, who may feel pushed to import petrol if local refinery prices don’t improve. The spokesperson for NNPCL assured everyone that they would review prices soon.
