Oil marketers and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) have announced that the prices of refined petroleum products are expected to decrease further following the commencement of operations at the Warri Refining and Petrochemicals Company Limited (WRPC) in Delta State.
The news comes after the Nigerian National Petroleum Company Limited (NNPCL) revealed that the WRPC, which has a refining capacity of 125,000 barrels per day, has officially resumed operations. Marketers in the downstream sector have pointed out that the increased competition among domestic refiners will lead to price reductions as they compete for buyers in the market.
This development follows the earlier resumption of the Port Harcourt Refinery, which began operations last month with a refining capacity of 60,000 barrels per day. NNPCL Group CEO Mele Kyari, speaking during an inspection of the WRPC facility on Monday, highlighted that while the plant is not yet fully completed, refining operations have begun. The refinery is currently focused on producing key products such as straight-run kerosene, diesel, and naphtha.
President Bola Tinubu also welcomed the milestone, noting that the Warri refinery is currently operating at 60 percent of its capacity, which translates to 75,000 barrels per day. He expressed confidence that the resumption of operations at WRPC would bolster Nigeria’s goal of becoming a net exporter of petroleum products.
Kyari emphasized the importance of the Warri refinery’s restart, stating that the facility would not only meet domestic demands but also contribute to Nigeria’s foreign exchange earnings by exporting refined products. He noted that the first area of the refinery, known as Area One, is already producing high-grade products like diesel, kerosene, and naphtha, which will likely be exported to international markets.
“We are committed to ensuring that this country becomes a net exporter of petroleum products,” Kyari said. “This is already happening, with products being prepared for the international market.”
He also pointed out the significant progress made in reviving the nation’s refining capacity, citing the ongoing work at the Kaduna refinery and the successful restart of the Port Harcourt and Warri refineries. Kyari expressed gratitude to President Tinubu for his unwavering support and to the NNPCL team and contractors for their dedication.
With these developments, Nigeria is poised to reduce its reliance on imported petroleum products and improve its domestic supply, making strides toward energy security and economic growth.
