The Petroleum Products Retailers Outlets Owners Association of Nigeria (PETROAN) has formally called on the Nigerian National Petroleum Company Limited (NNPCL) to prioritize the immediate rehabilitation of the Port Harcourt refinery alongside other government-owned facilities. According to spokesperson Joseph Obele, restoring these refineries is essential for maintaining competitive fuel pricing, stabilizing the currency, and securing the nation’s energy supply.
This demand follows recent shifts in the downstream oil sector, highlighted by the Dangote Refinery beginning sales of refined products in USD. Following this change, depot owners increased their ex-depot petrol prices to N1,245 per litre, rising from the previous rate of N1,080. PETROAN asserts that domestic refining capacity is the only effective buffer against such market instability.
National President Billy Gillis-Harry explained that because marketers conduct business in naira, the requirement to source foreign currency creates a direct link between exchange rate fluctuations and pump price volatility. He emphasized that dependence on a single supplier limits market flexibility. Consequently, the association is pushing for the urgent activation of the Warri, Kaduna, and Port Harcourt refineries to mitigate these economic pressures. Currently, while depot costs have surged, retail prices in Abuja and surrounding areas have held steady between N1,155 and N1,205 per litre.
