The Crude Oil Refinery Owners Association of Nigeria (CORAN) has disclosed that that the coming onstream of Warri and Port Harcourt refineries is to help reduce the price of petroleum products in Nigeria.
The CORAN Publicity Secretary, Eche Idoko, made this disclosure during an interview with an online medium on Wednesday, 1 January, 2025
Recall that while the old Port Harcourt Refinery with a 210,000-barrel-per-day capacity restarted operation on November 26, 2024, the 125,000 Warri refinery kicked off on December 30.
Reacting, Idoko noted that the rehabilitation of both refineries by the Nigerian government through the Nigerian National Petroleum Company Limited will reduce the price of PMS.
“The coming onstream of the Warri and Port Harcourt refinery is to make sure the price of petrol remains affordable for Nigerians.
“You would agree with me that against all norms, the petrol price has dropped in the last month. We still expect that the price will drop further,” he said.
Recall that in December 2024, the interplay of competition forced Dangote Refinery and NNPCL to slash their petrol prices to N935 and N965 per litre from N1040.
Source: Daily Post
