Warri Refinery: Marketers Predict Petrol Price Drop

Excitement filled the air on Monday as the Warri Refining and Petrochemical Company (WRPC) officially resumed partial production, marking a significant milestone after nearly a decade of inactivity.

The 125,000-barrel-per-day refinery, which had been idle since 2015 due to prolonged repairs, is now operating at 60% capacity, according to the Nigerian National Petroleum Company Limited (NNPCL).

The refinery began refining operations on Saturday at its Area 1 plant, a move that follows the recent revival of the Port Harcourt Refinery, which is now processing 60,000 barrels per day.

Mele Kyari, CEO of NNPCL, confirmed the resumption during a tour of the Warri facility, highlighting that although repairs were not fully completed, operations had already begun.

The reopening of the Warri Refinery is expected to increase Nigeria’s refining capacity and improve supply.

Marketers are optimistic, with the Major Energy Marketers’ Association of Nigeria (MEMAN) and the Independent Marketers Association of Nigeria (IPMAN) suggesting that heightened competition in the market could lead to a reduction in petrol prices.

They believe the revived refinery could also ease supply pressures in the northern regions and reduce congestion in Lagos.

Industry experts like Dr. Ayodele Oni also emphasize the significance of this development, noting that it could help Nigeria refine more oil locally, reduce dependency on imports, and even open opportunities for exporting to neighboring countries.