Yemisi Izuora
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) and Independent Petroleum Marketers Association of Nigeria (IPMAN) are seeing key engagement with management of Port Harcourt refinery of bringing out affordable price module for petrol soon.
Although PETROAN has expressed concerns over a ₦75 per litre price difference between petrol from the refurbished Port Harcourt Refinery and the Dangote Refinery, IPMAN sees the refinery comeback as a landmark achievement for the nation.
Speaking at the official reopening of the Port Harcourt Refinery on Tuesday, PETROAN’s Public Relations Officer, Dr. Joseph Obele, highlighted the disparity. The refinery, now operating at 60,000 barrels per day, supplies petrol at ₦1,045 per litre through the Nigerian National Petroleum Company Limited (NNPCL) while in contrast, the Dangote Refinery offers petrol at ₦970 per litre.
Dr. Obele, a former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at the Port Harcourt Depot, commended the Federal Government for reviving the refinery but stressed that the price gap presents challenges for marketers. “The ₦75 price differential is a steep margin for businesses, especially in an industry where profitability depends on competitive pricing,” he said.
Despite the pricing concerns, Obele described the refinery’s restoration as a crucial move toward reducing Nigeria’s reliance on imported petroleum products. He also disclosed that NNPCL Group Chief Executive Officer Mele Kyari has assured stakeholders of efforts to harmonize prices to ease the burden on marketers and consumers.
The reopening of the Port Harcourt Refinery is seen as a positive step toward boosting local production capacity and curbing import dependence. However, the pricing disparity highlights the ongoing need for reforms to stabilize Nigeria’s downstream petroleum sector.
The development has sparked discussions among stakeholders about ensuring fair competition and addressing structural challenges within the industry.
On his part, Tekena Ikpaki, Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Rivers State, confirmed the commencement of operations and described it as a landmark achievement for the country.
“This will remain memorable in our lives and in our hearts because it has been long expected,” Ikpaki said.
He further explained that the operational refinery is loading products into trucks, signalling tangible progress.
Ikpaki highlighted the positive impact of the refinery’s return to operation, emphasizing that competition with other players like Dangote Refinery would drive down the cost of petroleum products.