While Nigerians are looking forward to a drop in the price of petrol, the Port Harcourt Refinery that just began production after years of inactivity is coming with a higher price than that of Dangote Refinery.
The Port Harcourt Refinery is coming with a ₦75 price gap between its petrol and that of Dangote.
Now, Port Harcourt Refinery offers its petrol for ₦1,045 per litre while Dangote Refinery sell for ₦970.
The situation has caught the attention of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).
The union has flagged this ₦75 price gap between the two refineries.
Joseph Obele is the spokesman for the union. He warned that the disparity could affect marketers’ profitability and raise costs for consumers.
With this development, the recent reopening of the Port Harcourt Refinery has now sparked both optimism and concern in Nigeria’s petrol market.
During the reopening ceremony of the refinery, which is now processing 60,000 barrels per day, Obele praised the federal government for restoring the facility.
Read More; Nigeria’s Petrol Woes Near End As Port Harcourt Refinery Resumes
However, he emphasised the challenges posed by the pricing difference, especially for marketers and consumers.
Also, Obele highlighted that this price gap creates a significant challenge for marketers in an industry where competitive pricing is crucial for profitability.
With the ₦75 difference, businesses now face a difficult task in maintaining their margins.
Despite these concerns, Obele welcomed the reopening of the Port Harcourt Refinery. He says it is a major step towards reducing Nigeria’s reliance on imported petrol.
Additionally, he stated that the Group Chief Executive Officer of NNPC, Mele Kyari, had assured stakeholders that plans were in place to harmonise petrol prices and ease the burden on both marketers and consumers.
