The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has confirmed that the Port Harcourt Refinery has reduced the price of Premium Motor Spirit (PMS) otherwise known as petrol to ₦1,030 per litre for marketers.

The new price represents an ₦10 slash from ₦1,045 per litre initially charged by the refinery owned by the Nigerian National Petroleum Company Limited (NNPCL).

PETROAN president, Billy Gillis-Harry, announced the development during a strategic meeting and award presentation in Abuja on November 28.

“Today, the Nigerian National Petroleum Company (NNPC) Limited has reduced their price to 1,030 Naira,” he said.

“We are still hoping and pushing that it will still come down low.”

However, the NNPCL has yet to confirm the price cut.

The development comes a few days after Dangote Petrochemical Refinery announced a price slash of ₦20, reducing the ex-depot price of petrol from ₦990 to ₦970 per litre for marketers.

PH Refinery commences operations

Recall that the Port Harcourt Refinery commenced operations on Tuesday, November 26, 2024, after undergoing engineering revamping following years of abandonment.

The national oil company said the facility is currently operating at 70% of its installed capacity, adding that it intends to increase operations to 90%.

“On Tuesday, trucks began loading petroleum products which include Premium Motor Spirit (PMS) or petrol, Automotive Gas Oil (AGO) or diesel and Household Kerosene (HHK) or Kerosene, while other product slates will be dispatched as well,” the NNPC had stated.