BYE BYE To COSTLY Fuel! SEE New Rate Announced As Port Harcourt Refinery Resumes Loading Petrol
The Port Harcourt Refinery has resumed petrol loading operations after a brief one- week halt, dispelling earlier concerns about its functionality. This comes following reports suggesting the refinery had ceased operations, a claim the Nigerian National Petroleum Company Limited (NNPC) promptly refuted.
Petrol Loading Activities Resume
On Monday, December 23, 2024, loading operations recommenced at the refinery, with 11 trucks reportedly seen lifting petroleum products. By early afternoon, activities picked up pace, with petrol lifting beginning around 1 p. m. According to reports, seven trucks arrived to load by 2 p. m. , and by 4: 30 p. m. , at least 10 trucks had already completed loading. Observers anticipate that more trucks may have been serviced before the close of business.
Despite the resumed operations, marketers at the facility voiced concerns over frequent, unexplained shutdowns. They also expressed disappointment that only three out of the 18 loading arms at the depot were functional, citing delays caused by uncalibrated equipment.
Competition In The Petrol Market Intensifies
The refinery’ s resumption comes amid a price war between the NNPC and the Dangote Refinery, both of which recently reduced petrol prices to N899 per litre, down from N970. Analysts attribute this reduction to increasing competition and a decline in global crude oil prices.
Major and independent marketers have also begun adjusting their prices, with MRS outlets reportedly selling petrol at N935 per litre under a special agreement with the Dangote Refinery. The move is expected to push other marketers to lower prices further in the coming weeks.
High Petrol Prices Persist Despite Oil Production
Meanwhile, Nigeria continues to face criticism for its high petrol prices, despite being Africa’ s largest oil producer. Data from GlobalPetrolPrices reveals that Nigeria ranks among the top African nations with the highest fuel costs. As of December 2024, Nigeria’ s petrol prices stood at $0. 768 per litre, compared to Gabon, which recorded $0. 952— the highest among top oil- producing countries on the continent.
While the resumption of operations at the Port Harcourt Refinery is a step in the right direction, industry stakeholders are urging the NNPC to address infrastructural challenges at its facilities. As the market adjusts to falling prices, experts believe increased competition may provide relief to consumers, even as Nigeria navigates the complexities of maintaining a functional and competitive oil sector.
