IPMAN urges NNPCL to fast-track Chinese refinery deal for cheaper petrol

By Adebayo Obajemu

The Independent Petroleum Marketers Association of Nigeria, IPMAN, has urged the Nigerian National Petroleum Company Limited, NNPCL, to expedite the proposed Technical Equity Partnership with two Chinese firms for the completion and operation of the Warri and Port Harcourt refineries, saying the project will boost competition and ultimately reduce petrol prices.Demographics

The marketers said the prolonged delay in concluding the agreement was denying Nigerians the economic benefits of increased domestic refining capacity, improved fuel supply and lower pump prices.

Speaking at the Good Governance Summit organised by Working People United, WOPU, IPMAN Secretary, Eastern Zone (System 2E), Comrade Inimgba Emmanuel Okubowei, called on the NNPCL Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, to fast-track the partnership with Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd.Dictionaries & Encyclopedias

The partnership, initiated through the signing of a Memorandum of Understanding on April 30, 2026, is aimed at restoring and expanding operations at the Warri and Port Harcourt refineries.

Okubowei expressed concern that the delay in concluding the agreement was taking too long and depriving Nigerians of the expected gains from the investment.Demographics

“The partnership would strengthen Nigeria’s downstream petroleum sector, attract fresh investment, improve refining capacity, enhance product availability, and increase investor confidence in the nation’s oil and gas industry,” he said.

He lamented the hardship Nigerians continue to face due to the high cost of Premium Motor Spirit, PMS, noting that households and businesses were struggling under rising fuel prices.

According to him, petrol prices would decline once the Chinese firms commence full operations at the Warri and Port Harcourt refineries, as increased domestic refining capacity and greater market competition would naturally drive prices downward.Oil market analysis

“Healthy competition remains the most effective way to ensure fair pricing in the downstream petroleum sector,” Okubowei stated.

He explained that the entry of additional technically competent operators into Nigeria’s refining industry would discourage monopolistic tendencies, improve operational efficiency, guarantee more stable supplies of petroleum products and ultimately reflect in lower pump prices for consumers.Cooking gas prices

The IPMAN official appealed to the NNPCL management to accelerate all outstanding processes required for the successful conclusion of the Technical Equity Partnership.

He also called on Ojulari to publicly explain the reasons for the delay and provide Nigerians with a definite timeline for the commencement of the project.

“Nigerians deserve to be kept informed on the progress of such a strategic national investment. Transparency, accountability and timely communication will strengthen public confidence in the process and reassure stakeholders that the partnership remains on course,” he said.Dictionaries & Encyclopedias

Okubowei added that the timely execution of the agreement would strengthen Nigeria’s energy security, create employment opportunities, stimulate economic growth and provide lasting relief to millions of Nigerians through more affordable