Oil marketers and Nigerian Midstream and Downstream Petroleum Regulatory Authority are saying that the prices of refined petroleum products are to drop further following the commencement of operations at Warri Refining and Petrochemicals Company Limited.
Dealers in the downstream oil sector say competition in the space would now be stiffer, as domestic refiners would be forced to reduce prices to get buyers.
They made this position following the announcement by the Nigerian National Petroleum Company Limited, NNPCL, that 125,000 barrels per day Warri Refinery and Petrochemicals Company in Delta State had commenced operations.
NNPCL through its Group Managing Director, (GMD), Mele Kyari also announced plans to begin the export of locally refined products to foreign countries in exchange for foreign currency.
-9News Nigeria.
