In light of assertions that its petrol price was N1,045 per litre, the management of the NNPC has clarified that the port Harcourt refinery has not yet announced price for its products despite products from the refinery currently being held in NNPC retail stores nationwide.
Olufemi Soneye, the spokesperson for the NNPCL, state that the NNPC is currently evaluating its pricing strategy and have not begun bulk sales, as their purchasing portal is still not open.
Soneye’s Statement
Speaking on the statement, Soneye said, “We have not yet commenced bulk sales, and we have not yet opened the purchase portal as we are still finalizing the necessary processes.
“At present, the products we are selling are what we bought from the Dangote Refinery, which includes Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fees. The product from PH is currently for our retail stores. Our prices are regularly reviewed and adjusted as required.” Mr. Soneye noted.
PETROAN Statement
At the official reopening of the refinery, PETROAN National Public Relations Officer Joseph Obele had said petrol from the refinery is priced at N1,045 per litre, N75 higher than the N970 per litre sold by Dangote Refinery.
However, in a subsequent statement signed by National President of PETROAN, Billy Gillis-Harry, PETROAN stated no price has been fixed yet but it expects the NNPC to fix its price soon enough.
“The National Headquarters of Petroleum Products Retail Outlet Owners Association of Nigeria, PETROAN Abuja would Like to inform the media and the general public that no new price for Premium Motor Spirit (PMS) has been released by the NNPC port Harcourt refinery.
“Members of PETROAN only bought PMS with the old pricing template awaiting new prices. We are excited that the production and loading of refined petroleum products have commenced at the Port Harcourt Refinery and we are expecting that soon the price of PMS will be stated by NNPC to the benefit of Nigerians,” the statement said.
Conclusion
As the official pricing template from the NNPC is still being awaited, it is expected that proximity to the port Harcourt refinery would play an integral part in the pricing of crude oil from the refinery due to the cost of transporting such produce to other regions.
The production cost is also expected to play an integral part in the eventual price of petroleum products from the refinery as if the NNPC decided to produce petrol with an octane rating of 87, it would be less expensive than producing premium petrol with an octane rating of 91 to 93.
This means the arrival of the Port – Harcourt refinery despite huge optimism may or may not drop the price of petrol across the country.
