Warri Refinery: Marketers seek further reduction in fuel price as Tinubu commends NNPCL on re-opening
Following the re-opening of Port Harcourt Refinery last month, Nigerian National Petroleum Company Limited (NNPCL) has, yet, recorded another remarkable achievement after the re-opening of Warri Refinery.
Re-opening of Port Harcourt Refinery brought about reduction in fuel price due to ongoing market competition with Dangote Refinery.
Price of fuel will face further drop following the commencement of production of petroleum products at Warri Refinery.
As projected by Nigerian Midstream and downstream Petroleum Regulatory Authority and Oil marketers, prices of refined petroleum products will face further reduction following the re-opening of Warri refining and Petrochemicals Company Limited.
Marketers in the downstream oil sectors have indicated stiffer competition in oil market which would force local refiners to reduce the prices of the petroleum product.
This statement was made on Monday after Nigerian National Petroleum Company Limited (NNPCL) announced that 125,000-barrel-per-day WRPC in Delta State had been re-opened and recommenced production.
It has also been disclosed that NNPCL is embarking on a plan to commence the exportation of the locally refined products to other countries.
This development came nearly a month after the reopening and commencement of operation and production at 60,000-per-day Port Harcourt Refinery in Rivers State.
During official visit to the Warri Refinery on Monday, NNPCL Group Chief Executive Officer, Mele Kyari, stated that the reopening of the two refineries (Port Harcourt and Warri) is to show Nigerians the administration’s commitment to ameliorating the countries situation.
While addressing his team, comprising the Chief Executive Officer of NMDPRA, Farouk Ahmed and the NNPC Board Chairman, Pius Akinyelure, stated that the rehabilitations on the Warri Refinery are still not 100% complete, but would not deter refining operations, producing Kerosene, Diesel and Naphtha.
In his statement, Kyari said: “We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process.
“Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real.”
He also claimed that the reoperation of the refineries will make Nigeria the net exporter of petroleum products, as the petroleum products will be made available at the international market.
“Secondly, this plant had three stages; we have started plant one, which we call Area One.
“It’s able to produce AGO (diesel), kerosene, naphtha, and a blend of crude oil.
“These are high-grade quality products that are required in the country, and we may need to export them.
“So this will give us cash, this company will make money and the promise of
Mr. President that this country must be a net exporter of petroleum products is already happening.
“Some of these products will go into the international market.
“Most importantly, I must put on record that Mr. President believes that we can get this to work and get them to start and gave us the charge that we must start all three refineries.
“It’s already happening; we have started the 60,000 barrels per day refinery, and Area One of the Warri refinery is already working.
“Other plants that would produce PMS are being streamed and they would also come alive.
“Lastly, the Kaduna refinery is also on stream. We are not going to give you a date, but we would surprise Nigerians as we did the other day, and Kaduna would start operations.
“We thank Mr. President for supporting us all the way through. I must congratulate our team for their determination and extreme belief that this country can restart this plant.
“This has brought this result in collaboration with our contractors and our entire staff.
“I would like to thank them and appreciate them for making history and that it’s possible to start a plant that you deliberately shut down. It’s possible and we have proved it,” he added.
Tinubu Commends NNPCL On Reopening Of Warri Refinery
Following the commencement of operation and reopening of Warri Refinery, President Bola Tinubu has commenced Nigerian National Petroleum Company Limited on their success in reopening the Warri Refinery complex.
Warri Refinery: Marketers Seek Further Reduction In Fuel Price
On Monday, Tinubu speaking through his Special Adviser on Information and Strategy, Bayo Onanuga, described that development as yet another notable achievement in 2024 which will strengthen Nigerians’ trust and optimism in his administration.
He said; “Today, the Warri Refinery returned to operation weeks after NNPC Limited restarted the 60,000 Barrels per day at the Port Harcourt Refinery in November.
“With Warri Refining and Petrochemical Company (WRPC) going into operation after several years of inactivity, President Tinubu has once again expressed his administration’s determination to ramp up local refining capacity and make Nigeria a hub for downstream industrial activities in Africa.
“The All Progressives Congress-led administration of President Muhammadu Buhari awarded the contract for the complete rehabilitation and overhaul of the four state-owned refineries,” the statement said.
Tinubu also buoyantly cited that the 125,000 (bpd) Warri Refinery is just now operating at 60%, but his administration will ensure that energy efficiency and security are made available.
He commended the NNPCL boss Mele Kyari and his team for working effectively to restore Nigeria’s glory and pride as a major oil-producing country.
“The restart of Warri Refinery today brings joy and gladness to me and Nigerians.
“This will further strengthen the hope and confidence of Nigerians for a greater and better future than we promised.
“This development is a remarkable way to end the year following the feat recorded earlier with the old Port Harcourt Refinery.
“I am equally happy that NNPC Limited is implementing my directive to restore all four refineries to good working condition.
“I congratulate Mele Kyari and his team at NNPCL for working hard to restore our national pride and make Nigeria a hub for crude oil refining in Africa,” President Tinubu said.
Further speaking, president Tinubu entreated NNPCL to intensify their efforts on Kaduna Refinery and the 150,000 (bpd) second refinery in Port Harcourt to solidify the country’s position as an international energy provider.
Warri Refinery will be programmed to produce and store critical products like Straight Run Kerosene (SRK), Automotive Gas Oil (AGO), and both heavy and light Naphtha.
Warri Refinery: Marketers Seek Further Reduction In Fuel Price