Marketers Endorse Planned Sale of Refineries, Predict Cheaper Fuel

Oil marketers and industry stakeholders have expressed strong support for the proposed sale of Nigeria’s long-troubled refineries under the management of the Nigerian National Petroleum Company Limited (NNPCL). They emphasised that transparency, inclusiveness, and accountability must guide the process to prevent past mistakes.

The move comes after NNPCL’s Group Chief Executive Officer, Bayo Ojulari, acknowledged in a recent interview with Bloomberg that the ongoing rehabilitation of the 445,000 barrels per day capacity refineries — located in Port Harcourt, Warri, and Kaduna — has failed to produce the expected results due to the outdated state of the facilities.

Ojulari confirmed that NNPCL is currently reassessing its refinery strategy, with plans to conclude the review by the end of the year. He noted that while the sale of the refineries is an option under consideration, no final decision has been made yet.

“All options are on the table,” Ojulari said. “But that decision will be based on the outcome of the reviews we’re doing now.”