Bulk petroleum retailers in Port Harcourt have pushed back against statements made by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bashir Bayo Ojulari, regarding the suspension of operations at the Port Harcourt refinery.

Ojulari had revealed that the refinery was operating at a loss of nearly N500 million monthly before rehabilitation works were paused. He explained that although the facility was processing roughly 50,000 barrels of crude, less than 40 percent was effectively refined.

“Upon assuming office, one of my first actions was to assess the refinery. It became clear that continuing operations would result in huge monthly losses. We decided to halt production temporarily while exploring sustainable solutions,” Ojulari said.

However, the Host Community Bulk Petroleum Retailers issued a statement expressing concern that Ojulari’s approach seemed to favor private refineries at the expense of the nation-owned facility. Joseph Obele, representing the group, said the GCEO’s admission validated their suspicion that government-owned refineries were being sidelined.

The retailers also criticized the shutdown, noting that billions had already been spent on upgrading the refinery. They urged the federal government, particularly President Bola Tinubu, to take swift steps to reactivate the Port Harcourt, Warri, and Kaduna refineries to strengthen the economy and create jobs.

Meanwhile, Ojulari previously indicated that achieving President Tinubu’s goal of boosting oil production and expanding refining capacity would require approximately $60 billion in fresh investment. He stressed that securing such funding would depend on building investor confidence, strong partnerships, and effective oversight by agencies like NEITI.