PETROAN: Port Harcourt Refinery Sets Petrol Price at ₦1,045 Per Litre

Premium Motor Spirit, PMS, is now being sold at the newly restored Port Harcourt Refinery for N1,045/litre, prompting discussion on the pricing plan behind it.

Petroan, an association representing Nigerian petroleum retailers, has reportedly confirmed this pricing, which is N75 more than the N970/litre offered by Dangote Refinery On Tuesday, after years of idleness, operations at the Port Harcourt Refinery began, marking a landmark milestone for Nigeria’s oil and gas sector.

The Nigerian National Petroleum Company Limited’s, NNPCL, initiatives to re-establish local refining capacity were met with initial approval.

Despite these improvements, some are worried about the high cost of petrol when compared to the existing ex-depot prices.

There is now doubt over the feasibility of sourcing locally as opposed to importing due to the greater cost, which has allegedly discouraged marketers from removing items from the refinery.

With a daily throughput of over 60,000 barrels of crude oil, the Port Harcourt Refinery is running at 70% of its installed capacity.

According to the NNPCL, the plant is presently turning out a number of different petroleum products, such as naphtha, low-pour fuel oil, diesel, and kerosene. Of these, 1.4 million gallons are produced every day as a blend of straight-run petrol and PMS.