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Port Harcourt Refinery Begins Production, Sells Petrol Higher Than Dangote

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The recently rehabilitated Port Harcourt Refinery has begun selling Premium Motor Spirit at N1,045 per litre, a price N75 higher than the N970 per litre offered by Dangote Refinery, the Petroleum Products Retail Outlets Owners Association of Nigeria has confirmed.

The refinery resumed operations on Tuesday after years of inactivity, drawing initial praise from Nigerians and industry stakeholders.

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However, concerns have arisen over the higher petrol price compared to the ex-depot prices currently available in the country.

Speaking on Wednesday, PETROAN’s National Public Relations Officer, Dr. Joseph Obele, confirmed the price difference to The PUNCH, noting that it has discouraged marketers from lifting products from the refinery.

READ ALSO: Port Harcourt Refinery’ll Crash Fuel Price, Create Jobs—IPMAN, PETRAON

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Obele said, “Yes, the Port Harcourt refinery is selling petrol for N1,045 per litre to marketers. That is N75 higher than the price from Dangote.

“This high price is why marketers are not going to pick up products from the refinery. But the NNPCL GCEO has assured that the price would be reduced.”

After seven postponements, the Port Harcourt Refinery Company commenced fuel production, promising a daily supply of about 200 trucks, as about one million litres of refined products were released by the plant on Tuesday.

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The Nigerian National Petroleum Company Limited unveiled the refinery on Tuesday, saying the old facility, which has a capacity of 60,000 barrels per day, had been revamped and upgraded with modern equipment.

READ ALSO: Peter Obi Speaks As Port Harcourt Refinery Begins Production

The NNPC said the newly rehabilitated complex of the old Port Harcourt refinery is currently operating at a refining capacity of 70 per cent of its installed capacity.

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NNPC added that diesel and Pour Fuel Oil would be the highest output from the refinery, with a daily capacity of 1.5 million litres and 2.1 million litres, respectively.

This is followed by a daily output of Straight-Run Gasoline (Naphtha) blended into 1.4 million litres of Premium Motor Spirit (petrol), 900,000 litres of kerosene, and low-pour fuel oil of 2.1 million litres.

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JUST IN: Again, NNPCL Reduces Fuel Price

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Nigerian National Petroleum Company Limited has reduced its premium motor spirit price for the second time in one week.

It was observed on Wednesday, that the state-owned oil firm has adjusted its petrol price to N890 per litre from N895.

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This represents an N5 per litre downward price review when compared to its earlier N895 pump price.

NNPCL retail outlets along Kubwa Expressway, Gwarimpa, Wuse Zone 4, and others in Abuja have adjusted their pumps to the new price.

READ ALSO: First Bank: Controversy Trails Multi-billion Naira Shares Deal

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The latest adjustment comes barely a week after the company implemented a retail price slash.

While NNPCL retail outlets dispense fuel at N890 per litre, Dangote Refinery’s retail partners, such as AP Ardova, Optima, MRS, and Bovas filling stations, sell at N885 per litre.

The Independent Petroleum Marketers Association of Nigeria’s National President Abubakar Maigandi told DAILY POST earlier that fuel prices will continue to fluctuate because of the deregulation of the oil and gas downstream sector.

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Nigeria’s Economy Grew By 3.13% In Q1 2025 — NBS

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Nigeria’s Gross Domestic Product grew by 3.13 per cent year-on-year in real terms in the first quarter of 2025.

This is according to the latest report by the National Bureau of Statistics on Monday.

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According to the bureau, this represents an improvement over the 2.27 per cent growth recorded in the corresponding period of 2024.

READ ALSO:Coalition Illogical, Driven By Personal Ambition – Bode George

The NBS, in its Q1 2025 GDP report, said the economic performance in the quarter was driven mainly by the services and industry sectors.

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The report read, “Gross Domestic Product (GDP) grew by 3.13 per cent (year-on-year) in real terms in the first quarter of 2025. This growth rate is higher than the 2.27 per cent recorded in the first quarter of 2024.”

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Why Interest Rate Remains High – CBN

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The Central Bank of Nigeria has explained why interest rates remain elevated, insisting that the monetary policy stance reflects not just a fight against inflation but a bold attempt to restore credibility, rebuild investor confidence, and defend the value of the naira.

The CBN Governor, Olayemi Cardoso, disclosed this at the Nigeria Domestic Investment Summit: Operationalising Nigeria’s first policy, organised by the Ministry of Industry, Trade and Investment, on Monday in Abuja.

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The apex bank stated this ahead of its forthcoming decision on the Monetary Policy Rate on Tuesday, a critical benchmark that directly impacts domestic investors.

Represented by the Director of Risk Management, Blaise Ijebor, at the Nigeria Domestic Investment Summit in Abuja, he admitted that high interest rates are painful, especially for businesses and the real sector, but argued that they are necessary to stabilise the macroeconomic environment.

High interest rates are painful. We all know that. We all recognise that, especially for the real sector. But interest rates are not just about affordability, they are also about credibility,” Cardoso said.

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READ ALSO:DMO Unveils July FGN Savings Bond As CBN Offers N250bn In Treasury Bills

According to him, the current monetary policy stance sends “a strong signal that Nigeria is serious about defending the value of its currency, restoring macroeconomic balance, and regaining investors’ confidence.”

The CBN Governor said the bank had no choice but to “return to fundamentals” after taking over an economy plagued by policy distortions, opaque forex markets, and evaporating investor confidence.

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Eighteen months ago, our financial markets were in disarray. The foreign exchange system was broken. There was policy opacity and severe investor apathy.

Our immediate task as a Central Bank was to arrest the slide and restore discipline. And that meant bold reforms, not technical tweaks, starting with exchange rate unification, phasing out unsustainable interventions, and returning to a transparent market framework”, Cardoso added.

He added that monetary tightening, though painful in the short term, had yielded results in the form of increased investor confidence, improved reserves, and a more coherent policy environment.

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READ ALSO:CBN Donates Motorized Fire Caddy To Federal Fire Service In Bauchi

But while we defend stability with one hand, we are using the other hand to build inclusivity. We are improving access to finance, modernising payment infrastructure, streamlining regulation, and setting the stage for banks to better support businesses. That’s the spirit behind the recapitalisation programme”, he stated.

Speaking further, Cardoso commended domestic investors for their resilience through years of volatility, policy uncertainty, and inflation shocks.

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He urged investors to see the forum not just as a “talk show” but a space to co-create solutions based on lived experiences.

You all stayed the course. You continued to bet on Nigeria. That kind of patriotism is not just admirable, it is the foundation on which any credible recovery must be built.

“The challenges, innovations, and practical suggestions are critical to shaping a financial system that works for, with, and on your behalf, not against you”, he said.

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In a strong effort to reframe the role of tax regulators, the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji, said the agency now sees itself not as an enforcer but as a facilitator of growth.

READ ALSO:CBN Gov, Legal Adviser Face N220m Contempt Suit

When you talk about the Nigerian Revenue Service, it’s deliberate. We are not law enforcement agents. We are service providers. You are our bosses,” Adedeji declared.

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He said the new tax reforms under President Bola Tinubu had consolidated over 60 uncoordinated taxes into a single-window framework, making it easier for businesses to comply.

We are here to remove your burdens. This is not about taking powers from any agency. It is about simplifying processes so businesses can scale, export, and grow”, he said.

On his part, the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Jani Ibrahim, said that while foreign investments are welcome, domestic investors remain the unsung heroes of Nigeria’s economic journey.

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Foreign investment is important, but let us never underestimate the power, resilience, and ingenuity of local investors, MSMEs, and industrialists who have stayed committed to the Nigerian project.

As we pursue the $1tn economy by 2030, domestic investment must be at the heart of our national strategy. And I assure you, we will surpass that target”, he stated.

READ ALSO:CBN Lists Conditions For Sale Of FX To BDC Operators

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Oye also announced that NACCIMA would be hosting a Made-in-Nigeria exhibition later in the year to showcase local capacity and attract scale-up opportunities.

Also speaking at the event, the Permanent Secretary, Ministry of Industry, Trade and Investment, Abba Rimi, described Nigerian investors as more than just capital providers.

Domestic investors are community builders, job creators, and drivers of local value chains,” Rimi said.

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He pledged government support for local businesses and said policy co-creation would remain a core strategy going forward.

He added, “This summit is not just a dialogue platform. It is a place to showcase investment-ready opportunities, resolve challenges, and build solutions that reflect the realities of Nigerian entrepreneurs. We are listening. We are learning. And we are ready to act.”

PUNCH Online reports that the summit was directed by Tinubu and organised by the Trade Minister, Jumoke Oduwole, to co-curate strategies, policies and reforms and come back to him with clear targets and specific requests of what is needed to help us all to actualise the eight-point Renewed Hope Agenda, the Nigeria First Policy and achieve the $1tn economy by 2030.

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