Dealers insist PMS must be cheaper than Dangote’s, NNPCL delays price portal opening, restricts product

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Oil marketers have outlined the conditions that will make them patronise the newly rehabilitated Port Harcourt Refinery Company in Rivers State.

PHRC, under the management of the Nigerian National Petroleum Company Limited, must dispense its refined petroleum products below the prices of the Dangote Petroleum Refinery, the dealers stated.

But the NNPCL, in reaction to claims on Wednesday that its petrol price was about N1,045/litre, stated that the refinery had yet to release its prices, as products from the plant were currently dispensed to only NNPCL stations.

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The oil firm’s spokesperson, Olufemi Soneye, revealed that the company was still reviewing its prices and had yet to commence bulk sales, as its purchasing portal remained closed.

Meanwhile, it was also gathered on Wednesday that oil marketers imported 105.67 million litres of petrol into the country in five days.

Marketers confirmed that NNPC was selling petrol at N1,045/litre, stressing that they may be compelled to opt for petrol importation as a means of meeting local demands.

The PUNCH exclusively gathered that a total sum of 78,800 metric tonnes representing 105.67 million litres of petrol was imported into the country in the last five days spanning November 23 and November 28.

On Tuesday, the 60,000-capacity Port-Harcourt refinery resumed operations after years of inactivity, drawing initial praise from Nigerians and industry stakeholders.

The NNPC said the newly rehabilitated complex of the old Port Harcourt refinery, which had been revamped and upgraded with modern equipment, is operating at a refining capacity of 70 per cent of its installed capacity.

NNPC added that diesel and Pour Fuel Oil would be the highest output from the refinery, with a daily capacity of 1.5 million litres and 2.1 million litres, respectively.

This is followed by a daily output of Straight-Run Gasoline (Naphtha) blended into 1.4 million litres of Premium Motor Spirit (petrol), 900,000 litres of kerosene, and low-pour fuel oil of 2.1 million litres.

It was stated that about 200 trucks of petrol would be released into the Nigerian market daily.

However, claims that the national oil firm’s PMS price was higher than that of Dangote triggered diverse reactions from marketers.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, told one of our correspondents that though NNPC had yet to release any price for the products from the refurbished Port Harcourt refinery, a high price would discourage marketers.

Dangote currently sells his petrol at N970/litre, while imported petrol is around that price.

Ukadike, however, noted that there was the possibility that the NNPC would review its prices downward when the Port Harcourt refinery comes fully on stream.

He confirmed that the state-owned oil company sells a litre of PMS at N1,040 or N1,045 while the Dangote refinery just reviewed its price from N990 to N970 for marketers buying a minimum of two million litres.

Ukadike did not mince words when he said independent marketers would only buy from the NNPC if its price is cheaper than that of Dangote or vice versa.

“With the Port Harcourt refinery now working, we are anticipating that any moment from now, NNPC will give us its price. Once NNPC releases its price, we will start loading from NNPC. That is subject to if it is cheaper than that of Dangote.

“The last NNPC price was N1,040 and N1,045 per litre. But I know there will be a review of prices because there has been a crash in prices globally. So, we are expecting a review. Once that review is done, I will be able to give you the actual price. I know they are reviewing it. They are on top of the matter,” the IPMAN spokesman said.

The latest development also indicates that oil marketers may commence the importation of fuel if the prices set by both domestic refineries surpass their profit margins, thereby making it more financially viable for them to rely on imported fuel rather than locally produced stock.

The National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria, Dr Joseph Obele, had earlier said NNPC petrol was N75 higher than the N970/litre offered by Dangote refinery.

However, PETROAN’s President, Billy Gillis-Harry, in a statement denied the claim, stressing that no price has been released by the national oil firm.

He explained that members of the association bought PMS based on the old pricing structure and are still waiting for the updated prices.

The statement read, “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 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 expectant that soon the price of PMS will be stated by NNPC to the benefit of Nigerians.”

Vice President Kashim Shettima, Wednesday morning, departed Abuja for Abidjan, Côte d’Ivoire to attend the opening ceremony of the International Exhibition of Extractive and Energy Resources (SIREXE) 2024 conference.

The SIREXE conference is an international event organised by the Government of Côte d’Ivoire that focuses on “Policies and Strategy for the Sustainable Development of the Extractive and Energy Industries”.

The conference will be held from November 27 to December 2, 2024, at the Abidjan Exhibition Centre.

At the invitation of Côte d’Ivoire’s Vice President Tiémoko Meyliet Koné, VP Shettima will utilize the event to share Nigeria’s experience in the hydrocarbon exploration and production sectors.

The Vice President is expected to return to Abuja later today.

Stanley Nkwocha
Senior Special to The President on Media & Communications
(Office of The Vice President)
27th November 2024

#StateofImo has gathered that President Bola Tinubu will on Wednesday depart Abuja to France for a three-day state visit.

The visit is “in honour of an invitation from President Emmanuel Macron,” Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, said in a statement Tuesday.

The statement is titled ‘President Tinubu honours invitation for a state visit to France.’

He said, “The Nigerian leader’s three-day visit, which will focus on strengthening political, economic, and cultural relations and establishing more opportunities for partnership, particularly in agriculture, security, education, health, youth engagement and employment, innovation, and energy transition, promises significant benefits for Nigeria.”

Tinubu and his wife, Mrs. Oluremi Tinubu, will be received on Thursday at the 350-year-old French military museum, Les Invalides and Palais de l’Élysée, by Macron and his spouse, Brigitte, for initial ceremonies that will dovetail into bilateral meetings.

During the visit, Tinubu and Macron will harmonise positions on stimulating more interest in exchange programmes that focus on skill development for youths and improving their competencies in automation, entrepreneurship, innovation, and leadership.

Onanuga said both leaders will participate in political and diplomatic meetings highlighting shared values on finance, solid minerals, trade and investments, and communication.

They will also witness a session by the France-Nigeria Business Council, which oversees private sector participation in economic development.

Brigitte and Nigeria’s First Lady will discuss the latter’s passion for empowering women, children, and the most vulnerable through the Renewed Hope Initiative.

Tinubu and his wife will be hosted at a state dinner by the French leader before their departure.

“Top government officials will accompany President Tinubu on the trip,” said the Presidency.

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