The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says private investors are preparing to take part in managing the Port Harcourt refinery through an LNG bonding model.
The association explained that talks with an international oil company are already about 60 per cent completed, and this development is expected to help the refinery begin production by March 2026. PETROAN’s National Public Relations Officer, Dr Joseph Obele, stated this while giving an update on the refinery’s current status.
He said the facility is still under preservation, but private sector involvement will likely improve efficiency, boost competition, and strengthen overall market performance. According to him, having more players in refining will support better pricing for consumers, especially because only one functional private refinery is operating in the country at the moment.
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Speaking on fuel price differences across regions, Dr Obele explained why pump prices appear higher in Rivers State. He said marketers in the state face increased landing costs due to transportation. While the Dangote refinery supplies Lagos and Abuja without transport charges, marketers in Rivers reportedly spend up to ₦2.6 million on logistics, and this cost is reflected in retail prices.
He also noted that the Dangote refinery has raised its daily production from 25–30 million litres to 45 million litres starting December 1. The move, he said, is aimed at preventing fuel scarcity as the festive season approaches.
