The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has stated that the price of Premium Motor Spirit churned out by the old Port Harcourt Refinery is more expensive than Dangote Refinery’s product.
This was disclosed by the union’s Public Relations Officer, Dr. Joseph Obele, during the official reopening ceremony of the refinery, which is now operating at a capacity of 60,000 barrels per day.
He said the fuel from the old Port Harcourt Refinery is N75 per litre higher than that sold by the Dangote Refinery.
He said Dangote Refinery sells petrol to marketers at N970 per litre, NNPCL’s price stands at N1045, a difference of N75 per litre.
He said the N75 price differential is a steep margin for businesses, particularly for an industry where profitability hinges on competitive pricing.
Recall that the Nigerian National Petroleum Company Limited (NNPCL) had confirmed The Bureau Newspaper’ exclusive reports that only the old Port Harcourt Refinery in Rivers State is working and the refinery is not trucking out PMS (known as petrol) but blended gasoline.
The NNPCL made the confirmation in a statement issued by its Chief Corporate Communications Officer, Olufemi Soneye.
Soneye said that the old Port Harcourt Refinery is currently operating at 70% of its installed capacity and that it produces Straight-Run Gasoline (Naphtha), blended into 1.4 million liters of Premium Motor Spirit (PMS), popularly known as petrol daily.
The Bureau Newspaper earlier reported that top sources in the know of the operation of the refinery revealed to The Bureau Newspaper that NNPCL was not trucking out PMS from the Port Harcourt Refinery as the company claimed on Tuesday.
The Bureau Newspaper had been informed that the NNPCL instead bought “Cracked C5 petroleum resins” and blended it with other products including Naphtha to sell to the Nigerian public as though the refinery processed it.