The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that petrol prices in Nigeria are expected to decrease soon, thanks to the resumed operations of the Port Harcourt Refinery. Speaking on Tuesday, NMDPRA CEO Farouk Ahmed explained that the combined efforts of the Port Harcourt and Dangote Refineries will ensure a steady supply of petroleum products, ultimately leading to a drop in prices.
Ahmed highlighted that with the Port Harcourt Refinery now back online and hopes for Warri and Kaduna refineries to follow suit, Nigeria is positioned to become a net exporter of petroleum products instead of relying heavily on imports. He credited President Bola Tinubu for his persistence and efforts in reviving the refinery, calling it a “major achievement.”
According to Ahmed, the reopening of these refineries brings increased competition and more options for fuel consumers. He assured the public of nationwide product availability, adding that the improved supply will play a key role in driving down petrol prices across the country.