The Crude Oil Refinery Owners Association of Nigeria (CORAN) has expressed optimism that the recent restart of the Warri and Port Harcourt refineries will contribute to a decrease in the retail price of petrol in Nigeria.
CORAN Publicity Secretary, Eche Idoko, stated this in an interview on Wednesday. Following the resumption of operations at the 210,000-barrel-per-day old Port Harcourt Refinery on November 26th, 2024, and the 125,000-barrel-per-day Warri refinery on December 30th, Idoko emphasized that the government's rehabilitation efforts through the Nigerian National Petroleum Company Limited (NNPCL) are aimed at making petrol more affordable for Nigerians.
"The return of these refineries is crucial for ensuring that petrol prices remain within reach for the Nigerian populace," Idoko stated. "We've already witnessed a decline in petrol prices over the past month, and we anticipate further reductions as these refineries increase production."
In December 2024, a surge in competition within the fuel market led to significant price reductions. Both Dangote Refinery and NNPCL lowered their petrol prices from N1040 per liter to N935 and N965 per liter, respectively.
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