The Nigerian National Petroleum Company Limited (NNPC Ltd) has reopened the Port Harcourt Refinery after a comprehensive rehabilitation process, sparking discussions about potential changes in petrol pricing.
The Explainer reported that the refinery, which was shut down in March 2019 for extensive repair works, has finally commenced production and truck loading of petroleum products.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) confirmed that no new petrol price has been released by the NNPC following the refinery’s reopening.
PETROAN’s National President, Billy Gillis-Harry, stated that their members are currently operating with the existing pricing template and anticipate an upcoming price announcement.
During the reopening ceremony, PETROAN’s National Public Relations Officer, Joseph Obele, noted that petrol from the Port Harcourt Refinery is currently priced at N1,045 per litre, which is N75 higher than the price at Dangote Refinery.
Olufemi Soneye, NNPC Ltd’s chief corporate communications officer, clarified that the company has not yet commenced bulk sales or opened a purchase portal.
He explained that they are still finalizing necessary processes and are currently selling products purchased from the Dangote Refinery.
The Port Harcourt Refineries complex comprises two units: the old plant with a refining capacity of 60,000 barrels per day (bpd) and the new plant with 150,000 bpd, totaling 210,000 bpd.
The rehabilitation project began after the Federal Executive Council approved $1.5 billion for the project, with Italy’s Maire Tecnimont handling the review and oil major Eni serving as technical adviser.
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The Nigerian government announced the mechanical completion and flare start-off of the refinery on December 21, 2023, marking a significant milestone in the country’s efforts to boost domestic petroleum production and potentially stabilize fuel prices.
NNPC has assured the public that its prices will be regularly reviewed and adjusted as required, with the current Port Harcourt Refinery products designated for their retail stores. .
