NNPC Initiates Refineries Assessment Amid Rising Fuel Prices

The Nigerian National Petroleum Company Limited (NNPC Ltd) has initiated preliminary technical assessments of the Warri and Port Harcourt refineries and is exploring potential technical and financial partnerships for their completion, operation, and long-term optimization. This move follows rising petrol prices, which have reached N1,400 per litre, and diesel prices exceeding N2,000 per litre, prompting calls from Joseph Obele, the National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association, for the government to expedite the refineries' restart.

NNPC has signed a Memorandum of Understanding with Sanjiang Chemical Company Limited on April 30, 2026, aimed at securing technical expertise and investment for the refineries and associated petrochemical projects. The agreement also involves Xinganchen (Fuzhou) Industrial Park Operation and Management Company Limited to explore a potential technical equity partnership.

However, negotiations have not yet resulted in a definitive commercial agreement, with further information to be released as negotiations progress.