See more as NNPC clarifies status of PH refinery as depots release new fuel prices

• The NNPC has confirmed that the PH refinery is afloat operational contempt reports of occurrence incidents astatine the facility
• The refinery, which tin refine 210,000 barrels per watercourse time (bpd), is seen arsenic a challenger to Dangote refinery's marketplace share
• The improvement comes amid a determination by depot owners to summation the terms of substance sold to marketers

Legit.ng writer Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

The Nigerian National Petroleum Company Limited (NNPCl) has confirmed that the Port Harcourt Refining Company (PHRC) remains operational.

The clarification comes amid reports of an detonation astatine the PH refinery installation successful immoderate sections of the media (Legit.ng not included).

NNPC PH refinery is operating astatine afloat capacity Photo credit: nnpclimited
Source: UGC

In a connection released connected X, Olufemi O. Soneye, NNPC Limited's Chief Corporate Communications Officer reassured the nationalist that the refinery continues to nutrient refined petroleum products astatine afloat capacity

The connection reads:

"The Nigerian National Petroleum Company Limited (NNPC Ltd) wishes to clarify that contempt a insignificant incidental astatine a conception of the Port Harcourt Refining Company (PHRC) earlier today, the works remains operational and continues to nutrient on-spec refined petroleum products.NNPC Ltd assures the nationalist that determination is nary origin for concern, arsenic each sections of the precocious rehabilitated works are successful afloat operation."

New substance prices astatine depot

Meanwhile, information from BusinessDay indicated that substance prices astatine loading depots person accrued pursuing the determination by the Dangote refinery to halt the merchantability of petrol successful naira.

The terms of petrol for marketers accrued from N852 per litre to N875 and this is expected to impact the retail terms of petrol.

Here is simply a snapshot of depot petrol prices :

• Matrix Warri accrued its terms from N852 to N875 per litre.
• Zamson Depot raised its terms from N853 to N875 per litre.
• Rainoil adjusted its terms from N853 to N875 per litre.
• Pinnacle Warri and Sobaz acceptable their prices astatine N875 per litre, up from N854 and N870, respectively.

Dangote decided to halt petrol income successful naira owed to a deficiency of crude from NNPC Photo credit: Bloomberg/contributor
Source: Facebook

Dangote suspends petrol merchantability successful naira

The Dangote Group precocious announced a impermanent suspension of petroleum merchandise income successful naira.

The refinery cited a mismatch betwixt its income proceeds and crude lipid acquisition obligations, which are presently denominated successful US dollars.

Dangote Group said successful a connection connected X said:

“Dear valued customers, we privation to pass you that the Dangote Petroleum Refinery has temporarily halted the merchantability of petroleum products successful naira. This determination is indispensable to debar a mismatch betwixt our income proceeds and our crude lipid acquisition obligations, which are presently denominated successful US dollars."

The refinery further dismissed online reports alleging a halt successful loading operations owed to ticketing fraud, calling specified claims “a malicious falsehood."

The connection added:

“Our systems are robust, and we person had nary fraud issues. We stay committed to serving the Nigerian marketplace efficiently and sustainably. As soon arsenic we person an allocation of naira-denominated crude cargoes from NNPC, we volition promptly resume petroleum merchandise income successful naira."

Petrol terms summation looms

Ealier, Legit.ng reported that lipid marketers person issued a informing that substance pump prices could increase successful the days ahead.

Chinedu Ukadike, Public Relations Officer for the Independent Petroleum Marketers Association of Nigeria (IPMAN), the outgo of obtaining overseas currency to wage for the merchandise would astir apt summation pump prices.

Since the dollar has present go the currency of speech successful Nigeria, helium noted, marketers whitethorn besides crook to selling their petroleum products successful dollars.

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Source: Legit.ng