The Warri Refining and Petrochemicals Company has begun operations, setting the stage for a price war between Dangote Refinery and the Nigerian National Petroleum Company Limited.
According to the Group Chief Executive Officer of the Nigerian National Petroleum Company, Mele Kyari, the Warri Refinery is currently operating at 60% capacity and will produce diesel, kerosene, and naphtha.
“We have proved that it is possible to restart a plant that you deliberately shut down,” Kyari said.
President Bola Tinubu has expressed his administration’s determination to ramp up local refining capacity and make Nigeria a hub for downstream industrial activities in Africa.
“The restart of Warri Refinery today brings joy and gladness to me and Nigerians,” Tinubu said.
The recent reduction in petrol prices by Dangote Refinery and NNPC Limited has been attributed to growing competition between the two refineries.
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The Independent Petroleum Marketers Association of Nigeria has commended the reduction in petrol prices, saying it would ease transportation costs and lower the prices of goods and services.
“It is a timely economic relief for Nigerians,” said Funmi Sessi, Lagos Chairman of the Nigeria Labour Congress.
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