Marketers Slam NNPC's Decision, Calls for Privatization of Port Harcourt Refinery
- The national PRO of Petroleum marketers criticised the NNPC for its decision not to sell the PH Refinery, arguing that privatisation would boost efficiency, investment
- He emphasised that privatisation would improve resource management, government revenue, and the quality of petroleum products
- Obele called on President Bola Tinubu to intervene and privatise the refinery, assuring full cooperation from the host community
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Dr. Joseph Obele, the national public relations officer of the Petroleum Products Retail Outlet Owners Association of Nigeria, has criticised the Nigerian National Petroleum Company Limited (NNPC Ltd) for its recent announcement that it will not be selling the Port Harcourt Refinery.
Source: Getty Images
Obele promoted the refinery's privatisation in a statement on Wednesday, claiming that it would have several advantages, such as increased output and efficiency, new investments, knowledge transfer, and the creation of jobs.
He continued by saying that privatisation will promote accountability, transparency, and global competitiveness in addition to boosting local economic growth and lowering bureaucratic inefficiencies.
He insisted that the refinery's sale will guarantee improved resource management and usage, increase government revenue, and enhance the quantity and quality of petroleum products.
“As a community stakeholder, I strongly disagree with NNPC Ltd’s decision to rule out the sale of the Port Harcourt Refinery. This isn’t good news,” he said.
“Plans to sell the Warri and Kaduna refineries while retaining Port Harcourt under NNPC management raise concerns, especially considering the corporation’s track record of corruption and favoritism. Private firms, like Indorama Petrochemical, often show greater commitment to host communities.”
Obele blamed NNPC for years of ineffective refinery management and inefficiency, which he said resulted in ongoing fuel shortages, repeated price increases, and general economic suffering.
“I call on President Bola Tinubu to intervene and direct the privatization of the Port Harcourt Refinery alongside the others. It’s in the best interest of transparency, efficiency, and national economic progress,” he added.
He promised complete cooperation and assistance to ensure the venture's success for the sake of the town and the nation, and that the host community would be open to any private company that took over the refinery.
Source: Getty Images
Meanwhile, petrol marketers have fired a major shot in Nigeria’s downstream oil war, slashing prices below the Dangote Petroleum Refinery’s rate.
Findings show that some depots and retail stations now offer petrol at N815 to N847 per litre, cheaper than the N820 per litre from Dangote and N825 from the Nigerian National Petroleum Company (NNPC).
This surprising shift is part of a strategic move by importers to remain competitive, especially as Dangote continues price adjustments to defend his turf.
Filling stations announce new petrol prices
Legit.ng reported thatIn the face of fierce competition, gas stations have once again begun to modify their prices in an effort to draw in more consumers.
According to Legit.ng's checks, the cost of gasoline has decreased to N850 per liter at Mobil and Pinnacle fuel stations.
Customers were drawn to the new pricing since it was N15 less than the N865 that NNPC retail locations were offering.
Source: Legit.ng
