Oil marketers have said that blending at the newly resuscitated Port Harcourt refinery has prevented petrol pump prices from rising to N10,000/litre.
The President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, made the clarification during an interview on Arise TV on Wednesday night.
He revealed that blending is a standard practice in crude oil refining processes worldwide.
He said, “NNPC was very transparent when they clearly stated that there is a blending process within the ambit of the industry.”
“I do not know any refinery in the world today that does not engage in blending. And why do you blend? You blend because of the volatility of different products.
“So, for the PMS, the volatility rate is very high, and there has to be some kind of blending that will enable the volatility to be stable. Otherwise, you will buy gasoline at N10,000, and before you know it, it has evaporated.”
The Port Harcourt refinery, which resumed operations on Tuesday, has been touted as a crucial step in reducing Nigeria’s reliance on fuel imports. However, some critics have claimed that the refinery is merely a blending plant.
Gillis-Harry’s comments come amid concerns over the pricing of petroleum products from the Port Harcourt refinery. Earlier, PETROAN had clarified claims made by its spokesperson, Joseph Obele, that Port Harcourt Refinery petroleum products prices are higher than those of Dangote Refinery.
According to Gillis-Harry, Obele was referring to the ex-depot price before the commencement of the Port Harcourt Refinery on Tuesday.
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