The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday said a minor fire incident recorded at the Port Harcourt Refining Company (PHRC) was immediately put out.

NNPCL spokesman Olufemi Soneye, in a statement, said reports of an explosion rocking the refinery was false.

He said after the minor incident, “the plant remains operational and continues to produce on-spec refined petroleum products”.

The company assured Nigerians that “there is no cause for concern, as all sections of the recently rehabilitated plant are in full operation”.

In November 2024, after a long period of rehabilitation, the NNPCL said the Port Harcourt refinery had commenced production of petroleum products.

In February 2025, the NNPCL reduced its retail price of petrol from ₦945 to ₦860 in Lagos, with a similar price reduction reflection at its  outlets in other states of the Federation.

The price reduction was NNPCL direct reaction to the drop in the ex-depot price of petrol from ₦890 to ₦825 per litre by the Dangote Refinery.

On the price war, economist Paul Alaje said Nigerians should be happy there is no agreement between NNPCL and Dangote Refinery. “More of the competition should go on,” the economist said, noting that “if any of them fizzle out, be ready to buy (petrol) at over ₦1,000 again.”

The NNPCL has also stopped the sale of crude to Dangote Refinery in Naira.