Oil marketers have expressed optimism about a potential decrease in fuel prices following the restart of operations at the Warri refinery.
According to a statement by the Nigerian National Petroleum Company Limited (NNPCL), the refinery resumed production at 60% capacity on Monday, December 30, after nearly a decade of inactivity.
Reacting to the development, the Major Energy Marketers’ Association of Nigeria (MEMAN) and the Independent Marketers Association of Nigeria (IPMAN) applauded the NNPCL and the Federal Government for reviving the facility.
Marketers highlighted that the refinery’s operations would increase competition, diversify supply, and potentially reduce the cost of petroleum products.
Clem Isong, Executive Secretary of MEMAN, noted that the Warri refinery is strategically positioned to supply Northern Nigeria efficiently.
“Competition is always beneficial. It ensures consumers get products at the best price,” Isong remarked.
IPMAN’s Public Relations Officer, Olanrewaju Okanlawon, added that an increase in supply would naturally drive prices down.
“Excess supply across the market will keep reducing prices. It will also ease congestion in Lagos,” he explained.
Marketers believe the refinery’s revival is a significant step toward stabilizing the fuel market and enhancing accessibility across the country.
(AFRIPOST)