By Ayomide Otitoju
The Nigerian National Petroleum Company Limited (NNPCL) has debunked reports of an explosion at the Port Harcourt Refining Company (PHRC), clarifying that a minor fire incident occurred but was swiftly contained.
In a statement on Wednesday, NNPCL spokesperson Olufemi Soneye reassured Nigerians that the plant remains operational and continues to produce refined petroleum products in line with specifications.
“The reports of an explosion are false. The minor fire incident was quickly extinguished, and there is no cause for concern as all sections of the recently rehabilitated plant are fully functional,” Soneye stated.
The Port Harcourt refinery resumed operations in November 2024 after undergoing extensive rehabilitation. In February 2025, NNPCL announced a reduction in its petrol retail price from ₦945 to ₦860 per liter in Lagos, reflecting a decrease in the ex-depot price from ₦890 to ₦825 per liter following price adjustments by the Dangote Refinery.
Reacting to the price competition between NNPCL and Dangote Refinery, economist Paul Alaje described it as beneficial for consumers. “This competition is good for Nigerians. If any of the refineries monopolize the market, petrol prices could easily exceed ₦1,000 per liter,” he warned.
Additionally, NNPCL has ceased selling crude oil to the Dangote Refinery in Naira, signaling further shifts in the domestic petroleum market dynamics.
Trump Pressures Federal Reserve to Cut Interest Rates Amid Trade War
Former U.S. President Donald Trump has renewed calls for the Federal Reserve to lower interest rates, arguing that such a move would counterbalance the economic impact of his tariffs.
“Do the right thing,” Trump urged in a post on Truth Social on Wednesday night, hours after the Federal Reserve opted to keep rates steady while revising its growth forecast downward and increasing its inflation outlook.
While the Fed has projected two rate cuts for the year, its chairman, Jerome Powell, cited “unusual economic uncertainty” and rising inflation as key factors influencing monetary policy decisions.
Many economists have warned that Trump’s tariffs, which have triggered retaliatory trade measures from several countries, could push the U.S. economy into recession. However, Trump remains confident, stating that while there may be “a little disturbance,” the U.S. is on the verge of a “golden age.”
Trump has scheduled April 2 as the date for imposing “reciprocal tariffs” aimed at reshaping global trade. He insists that interest rate cuts are necessary to cushion the economic impact.
“The Fed would be MUCH better off CUTTING RATES as U.S. Tariffs start to transition (ease!) their way into the economy,” he posted.
Trump has a history of clashing with the Federal Reserve over interest rate policies, having repeatedly called for lower rates to stimulate economic growth during his first term in office.
