KEY POINTS
- IPMAN says delays in NNPC’s refinery partnership with Chinese firms are preventing lower petrol prices and better fuel supply.
- The association believes reviving the Warri and Port Harcourt refineries will boost competition, increase local refining, and reduce fuel costs.
- IPMAN has asked NNPC to fast-track the agreement and provide Nigerians with a clear timeline for the project.
The Independent Petroleum Marketers Association of Nigeria, IPMAN, has called on the Nigerian National Petroleum Company (NNPC) Limited to urgently conclude its proposed technical equity partnership with two Chinese firms, saying the prolonged delay is preventing Nigerians from enjoying lower petrol prices and a more reliable supply of petroleum products.
The association argued that the slow pace of the agreement has stalled plans to revive and expand operations at the Warri and Port Harcourt refineries, forcing consumers and businesses to continue bearing the burden of high fuel costs.
IPMAN made the appeal through its Eastern Zone (System 2E) Zonal Secretary, Comrade Inimgba Emmanuel Okubowei, while speaking with journalists on the sidelines of the Good Governance Summit organised by the Working People United (WOPU) in Abuja.
According to Okubowei, the proposed partnership between NNPC Limited and the Chinese firms—Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Company Limited—holds significant economic benefits for Nigeria.
He noted that the Memorandum of Understanding (MoU), signed on April 30, 2026, was expected to pave the way for increased domestic refining capacity, improved availability of petroleum products, fresh investments, and stronger investor confidence in Nigeria’s downstream petroleum sector.
However, he lamented that every day the agreement remains unresolved delays these expected gains and prolongs the hardship faced by Nigerians due to high petrol prices.
More Refineries Will Encourage Competition
Okubowei explained that Nigeria would continue to experience expensive petrol until more refineries become fully operational.
According to him, once the Chinese partners commence full operations at the Warri and Port Harcourt refineries, domestic refining capacity will increase significantly, reducing dependence on imported fuel while creating healthy competition among operators.
He added that greater competition would naturally lower the pump price of Premium Motor Spirit (PMS), discourage monopolistic practices, improve product availability, and ensure a more stable supply of petroleum products across the country.
“The delay is depriving Nigerians of the immense economic and social benefits expected from the investment,” he said, adding that millions of households and businesses continue to struggle with rising fuel costs.
The marketers’ association also urged the Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, to accelerate all remaining processes required to finalise the technical equity partnership.
Beyond speeding up the agreement, IPMAN called on the national oil company to explain the reasons behind the prolonged delay and provide Nigerians with a definite timeline for the commencement of the project.
The association stressed that greater transparency and accountability would help restore public confidence while assuring investors of the government’s commitment to reviving Nigeria’s refining sector.
Okubowei maintained that timely implementation of the agreement would strengthen Nigeria’s energy security, reduce the country’s dependence on imported petroleum products, create employment opportunities, stimulate economic growth, and ultimately provide lasting relief to consumers through more affordable petrol.
He said revitalising the country’s major refineries would also strengthen the downstream oil sector and encourage additional investments in refining and related industries.
