Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

Petroleum product marketers and retailers have projected a possible fresh drop in petrol prices as the Nigerian National Petroleum Company Limited partners with Chinese firms to revive the Port Harcourt and Warri refineries.

ZINGTIE reports that after an extended delay, NNPCL on April 30, 2026, signed a Memorandum of Understanding with Sanjiang Chemical Company and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Limited to support the completion of the Port Harcourt and Warri refineries.

It would be recalled that in May last year, the Port Harcourt Refinery was shut down for scheduled maintenance.

Since then, the state-owned refinery, alongside the Warri and Kaduna refineries, has remained inactive despite consuming about $18 billion and $25 billion on rehabilitation over the last two decades. Meanwhile, the privately owned Dangote Refinery in Lagos became the major source of supply.

While concerns over the sustainability of Nigeria’s refineries have continued to dominate discussions, the recent move by the Bayo Ojulari-led NNPCL with Chinese firms has raised fresh expectations among stakeholders and Nigerians.

This development is considered even more significant as the over two-month-old Middle East conflict continues to place Nigeria and the global economy under pressure.

The impact of the Iran-United States-Israel conflict has pushed crude oil and domestic petrol prices sharply higher.

Checks by ZINGTIE showed that Brent and West Texas Intermediate crude traded at $112 and $104 per barrel respectively, while domestic petrol prices increased to between N1,364 and N1,380 per litre from around N800 per litre in Abuja.

The rising cost of petrol has also driven up transportation fares across Nigeria over the last two months, worsening economic hardship for many citizens.

Reacting to the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said the restart of Nigerian refineries through the NNPCL-Chinese firms agreement would increase local refining capacity, adding that stronger competition in locally refined products would reduce prices.

“What we know is that the more refined products we get from any country, the higher the competition, driving down the price of any refined product, whether it’s PMS, AGO, aviation petrol, or any other. So it’s a good project.

“It’s been a long time coming, but now it’s there, so we are happy that this has happened,” he said.

Give incentive to Nigerians, marketers — IPMAN tells FG

On his part, the spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, while stressing the importance of restarting Nigerian refineries at this period, urged the Federal Government to introduce incentives for Nigerians and marketers to cushion the effects of petrol price volatility.

“Provide incentives for motorists and also marketers in terms of funding. At that level marketers will reduce their prices at the pumps.

“Again, the Nigerian government refineries should be restarted to be able to boost in-country refining,” he said.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post.