Olufemi Soneye, the Chief Corporate Communications Officer of the Nigeria National Petroleum Corporation Limited (NNPCL), has described market forces as a major factor that will continue to determine petrol pricing globally.

According to him, the revival of the Port Harcourt refinery will have no direct impact on the reduction of prices of Premium Motor Spirit (PMS) in Nigeria, but rather contribute to supply security and reduce import dependency.

Soneye, in an interview, however, explained that having the Port Harcourt refinery on stream and sourcing crude locally will impact overall logistics costs.

“Port Harcourt Refinery – and any operating refinery in Nigeria – will contribute to supply security for Nigeria and reduce the dependency on importation and the related USD needed for those imports. Refineries also contribute to technology developments and employment.

“Pricing will always be determined by market forces both inside and outside Nigeria, however, one could expect that using locally produced crude and reduction of imports reduce overall logistics costs,” Soneye added.

It was reported that the much-anticipated 60,000 barrels per day state-owned refinery in Port Harcourt came back on stream on Tuesday, with Nigerians expressingmixed reactionsover the tendency of a reduced pump price that has gone up to over N1,025/litre following the removal of petrol subsidy by President Bola Ahmed Tinubu in 2023.

Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) had on Tuesday through its spokesperson, Dr Joseph Obele, claimed that petrol pricing at the recently reopened Port Harcourt refineryis N75 higher thanthat of the Dangote refinery, which currently sells atN970/litre for marketers.

However, PETROAN in asubsequent statementdebunked this claim, saying no new price has been released by the NNPCL. (Nigerian Tribune)