Oil marketers demand competitive petrol prices from the Port Harcourt Refinery, recently revamped by NNPCL, insisting it must undercut Dangote Refinery's ₦970/litre rate. With bulk sales and pricing still under review, marketers threaten increased fuel importation if local prices remain unviable, sparking concerns over Nigeria's domestic fuel production sustainability.
Oil marketers have set conditions for patronizing the Port Harcourt Refinery, operated by the Nigerian National Petroleum Company Limited (NNPCL). They demand that its petrol prices undercut those of the Dangote Refinery, currently at ₦970/litre. NNPCL has yet to release pricing for products from the recently rehabilitated facility, which resumed operations with 70% refining capacity.
Currently, NNPCL only supplies petrol from the Port Harcourt Refinery to its retail outlets, while marketers reported prices around ₦1,045/litre for products sourced from other facilities. The Independent Petroleum Marketers Association of Nigeria (IPMAN) emphasized that only competitive pricing will encourage independent marketers to source from the Port Harcourt Refinery.
Additionally, oil marketers imported 105.67 million litres of petrol into Nigeria within five days, citing concerns over local price viability. NNPCL clarified that bulk sales have not commenced as the pricing portal is still under review. Diesel, naphtha, and kerosene are also produced in significant quantities at the refinery.
The controversy highlights a growing tension between reliance on local refineries and the need for affordable fuel prices. Industry stakeholders are urging the NNPCL to expedite price reviews to foster trust and encourage the adoption of locally refined products. Marketers may resort to increased importation if pricing remains high, undermining efforts to leverage domestic refining capabilities.
The developments mark a crucial juncture for Nigeria's oil industry as it seeks to balance competitive pricing with sustainable domestic fuel production.
