The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has stated that the Port Harcourt Refinery Company Limited has not yet released a new purchase price for Premium Motor Spirit (PMS), also known as petrol.
The National President of PETROAN Billy Gillis-Harry, made this clarification in a statement on Wednesday. He noted that while the refinery, operated by the Nigerian National Petroleum Company Limited (NNPC Ltd.), had begun its first truck-out of petroleum products on Tuesday following the re-streaming of its rehabilitated facility, the association’s members are still purchasing PMS based on the previous pricing template. They are awaiting an official update on the new pricing from NNPC Ltd.
The Port Harcourt refinery, which has resumed crude oil processing and product delivery to the market, is currently operating at 70% of its 60,000 barrels per day (bpd) capacity, with plans to increase this to 90%. PETROAN expressed optimism about the refinery’s return to operation and anticipates that NNPC will soon announce the new PMS price.
In response, NNPC Ltd.’s Chief Corporate Communications Officer, Olufemi Soneye, clarified that the company has not yet commenced bulk sales of products and has not opened the purchase portal. He stated that the petroleum products currently available at retail outlets are sourced from the Dangote Refinery, which includes the necessary fees from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Prices for these products are regularly reviewed and adjusted as needed.
