Warri refinery and Port Harcourt refinery restart is expected to bring relief to Nigerians as petrol prices are predicted to drop.
According to the Crude Oil Refinery Owners Association of Nigeria (CORAN), the coming onstream of these refineries especially the Warri refinery will increase the availability of petroleum products, thereby reducing prices.
The old Port Harcourt Refinery, with a capacity of 210,000 barrels per day, resumed operations on November 26, 2024, while the 125,000-barrel-per-day Warri refinery started production on December 30.
CORAN’s Publicity Secretary, Eche Idoko, attributed the price reduction to the rehabilitation of both refineries by the Nigerian government through the Nigerian National Petroleum Company Limited.
Idoko noted that the price of petrol has already dropped in the last month, and further reductions are expected.
This development follows the price slash by Dangote Refinery and NNPCL in December 2024, which reduced petrol prices to N935 and N965 per liter, respectively, from N1040.
As the Warri refinery and Port Harcourt refinery continue to produce, Nigerians can expect more affordable petrol prices in the coming months.
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