NNPC Under Pressure as Marketers Demand Cheaper Petrol Prices from Port Harcourt Refinery

The Nigerian National Petroleum Company (NNPC) is facing mounting pressure from petroleum marketers, who have threatened to boycott the revived Port Harcourt refinery unless the prices of its products are set lower than those of Dangote’s refinery or imported fuel.

In a statement issued on Wednesday, NNPC clarified that it has yet to release an official price template for the Port Harcourt refinery’s petroleum products, with bulk sales still on hold. The company’s spokesperson, Olufemi Soneye, confirmed that NNPC is still reviewing its pricing structure, with the refinery’s purchasing portal yet to open.

“We have not yet commenced bulk sales, and we have not yet opened the purchase portal as we are still finalizing the necessary processes,” Soneye said.

“At present, the products we are selling are from our stock acquired from the Dangote Refinery, including NMDPRA fees. The products from the Port Harcourt refinery are currently only available at our retail stores. Our prices are regularly reviewed and adjusted as necessary,” he added.

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This statement comes amid growing concern among marketers, who have voiced their intent to reject the Port Harcourt refinery’s petrol unless the prices are more competitive.

Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), emphasized that his members will not patronize the Port Harcourt refinery if its prices are not cheaper than those of Dangote’s refinery.

Ukadike also confirmed that the oil marketers are still waiting for the NNPC to disclose its ex-depot price before making any decisions.

“We are anticipating that NNPC will soon release its price. Once that happens, we will begin loading from the refinery, but that depends on whether the price is more competitive than Dangote’s,” Ukadike said.

He added that he expects NNPC to adjust its price, given the global decline in oil prices. “The last price from NNPC was around N1,040 to N1,045 per litre. However, we believe the price will be reviewed downward due to global price changes,” Ukadike noted.

Meanwhile, claims have emerged that the price of petrol from the Port Harcourt refinery is already higher than that of Dangote’s, with some alleging a N75 per litre price difference.

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However, these claims have been refuted by other stakeholders, including the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).

Billy Gillis-Harry, the National President of PETROAN, dismissed the allegations, stating that the Port Harcourt refinery has not yet released any new price information.

“We are excited that production and loading of refined petroleum products have resumed at the Port Harcourt refinery,” Harry said. “However, members of PETROAN have only purchased products under the old pricing template and are awaiting new prices from NNPC. We are hopeful that these new prices will benefit Nigerians.”