The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has announced that private investors are preparing to assume part of the management of the Port Harcourt refinery under an LNG bonding model.
PETROAN’s National Public Relations Officer, Dr. Joseph Obele, said discussions with an international oil company are already about 60% concluded, raising expectations that the refinery will begin production by March 2026.
He noted that although the refinery is currently under preservation, private sector involvement is expected to enhance efficiency, strengthen competition, and improve market performance.
“Only one functional private refinery is operating at the moment. More competition will ultimately translate to better pricing for consumers,” Obele stated.
Addressing fuel price disparities across regions, Obele explained that marketers in Rivers State face higher landing costs due to logistics. While the Dangote refinery supplies Lagos and Abuja with zero transportation charges, marketers in Rivers reportedly spend up to ₦2.6 million on transport—an expense that reflects in pump prices.
He added that the Dangote refinery has increased its daily output from 25–30 million litres to 45 million litres from December 1, in a move aimed at averting fuel scarcity during the festive period.
