IPMAN: Reviving Nigeria's refineries will cut fuel prices amid subsidy debate

IPMAN spokesperson Chinedu Ukadike told DAILY POST that reviving Nigeria's Port Harcourt, Warri and Kaduna refineries, along with their associated pipelines and 21 storage depots nationwide, will reduce fuel prices. He spoke amid renewed debate over fuel subsidy after presidential candidate Atiku Abubakar of the African Democratic Congress proposed its return. Current pump prices in Abuja range from ₦1,230 to ₦1,299 per litre, while NMDPRA's July industry data confirms all three refineries remain non-functional.

Ukadike argued that restoring local refining capacity would create healthy competition that calms price volatility and lowers prices drastically, making the subsidy debate irrelevant. 'Whether we remove subsidy or not does not arise because competition will calm down the price volatility and reduce prices drastically,' he told DAILY POST, emphasizing the need to restore all working refineries, pipelines and depots.

This matters because fuel costs directly impact transport fares, food prices and household expenses for millions of Nigerians. If refineries resume operations, local production could reduce reliance on expensive imports, stabilize prices and ease the economic burden of high energy costs that have contributed to inflation.

Would you welcome lower and more stable fuel prices enough to change your commuting habits or business operations, or do you want to see tangible progress on refinery revival before adjusting your long-term budget plans?

SOURCE: https://dailypost.ng/2026/08/26/revival-of-nigerian-refineries-will-reduce-fuel-prices-ipman/