The Crude Oil Refinery Owners Association of Nigeria (CORAN) has announced that the recent commencement of operations at the Warri and Port Harcourt refineries aims to lower the prices of petroleum products in Nigeria.
Eche Idoko, the Publicity Secretary of CORAN, shared these insights during an interview on Wednesday.
According to reports from DAILY POST, the Port Harcourt Refinery, which has a capacity of 210,000 barrels per day, resumed operations on November 26, 2024, while the Warri Refinery, with a capacity of 125,000 barrels per day, began operations on December 30.
Idoko emphasized that the rehabilitation efforts by the Nigerian government, through the Nigerian National Petroleum Company Limited, will significantly contribute to reducing petrol prices.
“The reactivation of the Warri and Port Harcourt refineries is crucial in ensuring that petrol remains affordable for all Nigerians,” he remarked.
He further noted, “Remarkably, petrol prices have decreased over the past month, and we anticipate further reductions in the near future.”
In December 2024, heightened competition led both Dangote Refinery and NNPCL to lower their petrol prices to N935 and N965 per litre, down from N1040.
Warri, Port Harcourt refineries restart will reduce petrol price – CORAN
