“Price Will Crash”: Ex-NNPC Boss Sees New Petrol Price From PH, Dangote Refinery

• The former managing director of NNPCL Retail said ex-depot prices will fall as a result of the deregulation of the country's oil and gas industry
• As a result, it stated that Port Harcourt and Dangote Refineries Premium Motor Spirit (Petrol) below the current N1030 and N970 per litre
• He underlined that once the domestic refineries are put into operation, Nigeria's PMS prices will fall precipitously

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Prof. Billy Okoye, the former managing director of Nigerian National Petroleum Company Limited Retail has said that the deregulation of Nigeria's oil and gas sector will drive ex-depot prices for the recently revived Port Harcourt and Dangote Refineries Premium Motor Spirit (Petrol) below the current N1030 and N970 per litre.

In an interview with the Daily Post, Okoye made this statement during a gathering hosted by PETROAN, the Petroleum Products Retail Outlet Owners Association.

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He claims that President Bola Ahmed Tinubu's May 2023 statement regarding the elimination of petrol subsidies laid the stage for the complete deregulation of the oil sector.

The former NNPC boss clarified that the full execution of deregulation, in which prices were set by market forces, had been signaled by the opening of the Dangote and Port Harcourt refineries.

He emphasised that Nigeria's PMS prices would plummet if the domestic refinery is put into operation.

Okoye stated that NNPCL and Dangote Refinery are not engaged in a price war.

He added that both refineries' activities were beneficial to Nigerians because the prices of petroleum goods will soon plummet.

“So it’s a good thing for Nigeria. And I tell you that within the shortest possible time, the price of petroleum products will crash. This is exactly what happened with the SIM card.

“Before, SIM cards were N5,000, N30,000. Today, with the competition, SIM cards are almost free now.

Meanwhile, Nigerians currently buy PMS between N1060 and N1,115 across filling stations in Nigeria.

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Speaking on the price, Kalu said,

"For now, the price is a bit stable comoared to what we had some weeks ago. at least he product is now available and filling stations are selling for slightly above N1,000"

Stakeholders speak on PH refinery petrol price

Legit.ng reported that the Petroleum Products Retail Outlet Owners Association of Nigeria(PETROAN) dismissed recent reports claiming that the Port Harcourt Refinery was already selling petrol to marketers for a price above N1,000 per litre.

In a statement, Billy Gillis-Harry, the National President of PETROAN, noted that NNPCL has not yet released petrol from the refinery for marketers to buy.

The clarification came amid heightened public interest in fuel prices following the resumption of activities at the PH refinery.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng