The Independent Petroleum Marketers Association of Nigeria (IPMAN), Eastern Zone (System 2E), has urged the Nigerian National Petroleum Company Limited (NNPCL) to accelerate the conclusion of its proposed Technical Equity Partnership with two Chinese companies for the completion and operation of the Warri and Port Harcourt refineries, saying further delays are denying Nigerians the benefits of lower fuel prices and improved domestic refining capacity.
The call was contained in a press statement signed by the former Unit Chairman and current Zonal Secretary of IPMAN Eastern Zone (System 2E), Comrade Inimgba Emmanuel Okubowei, and made available to Petroleumprice.ng. The association appealed to the Group Chief Executive Officer of NNPCL, Engr. Bashir Bayo Ojulari, to expedite the partnership with Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd, describing the project as critical to Nigeria's downstream petroleum sector.
According to the statement, the partnership, initiated through the signing of a Memorandum of Understanding (MoU) on April 30, 2026, is designed to restore and expand operations at the Warri and Port Harcourt refineries. IPMAN said concluding the agreement without further delay would strengthen domestic refining capacity, improve product availability, attract fresh investment and boost investor confidence in Nigeria's oil and gas industry.
Speaking during the Good Governance Summit organised by the Working People United (WOPU) in Abuja, Okubowei expressed concern that negotiations had taken longer than expected, adding that the prolonged delay was depriving Nigerians of the economic and social benefits the investment is expected to deliver.
He noted that many households and businesses continue to struggle under the weight of high petrol prices, stressing that bringing additional technically competent operators into Nigeria's refining sector would promote efficiency, strengthen competition and ensure a more stable supply of petroleum products.
Okubowei expressed confidence that petrol prices would decline further once the Chinese firms commence full operations at the Warri and Port Harcourt refineries, arguing that increased domestic refining capacity and stronger market competition would naturally place downward pressure on fuel prices.
He added that healthy competition remains one of the most effective tools for achieving fair pricing in the downstream petroleum sector, noting that expanding the number of refining operators would discourage monopolistic tendencies while ensuring consumers benefit from lower pump prices.
The association also urged NNPCL to provide Nigerians with a clear timeline for concluding the Technical Equity Partnership, saying greater transparency, accountability and regular communication would strengthen public confidence and reassure stakeholders that the project remains on course.
IPMAN maintained that the timely execution of the partnership would enhance Nigeria's energy security, create employment opportunities, stimulate economic growth and provide lasting relief to millions of Nigerians through more affordable petroleum products.