The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Nigerian National Petroleum Company Limited (NNPC) to speed up the completion of its proposed technical equity partnership with two Chinese companies to revive and operate the Port Harcourt and Warri refineries.

The association said the delay in finalising the agreement is denying Nigerians the economic benefits expected from the investment, including improved refining capacity, increased fuel supply and greater investor confidence in the downstream petroleum sector.

IPMAN’s Eastern Zonal Secretary, Emmanuel Inimgba, said restoring the refineries would encourage competition, reduce dependence on imported fuel and help bring down petrol prices as local production increases.

He noted that many Nigerians are still struggling with high fuel costs and expressed confidence that the commencement of operations by the Chinese partners would provide lasting relief through more affordable petroleum products.

Inimgba also called on NNPC Group Chief Executive Officer, Bashir Bayo Ojulari, to explain the reasons for the delay and provide a clear timeline for the commencement of the project.

He added that completing the partnership would strengthen Nigeria’s energy security, create jobs, stimulate economic growth and improve public confidence through greater transparency and regular updates on the project’s progress.