West African Countries to Harmonize Fuel Prices as Dangote Expands Refinery Capacity

West African countries are set to adopt a unified fuel pricing system as Dangote, Africa's richest man, expands his Lagos-based refinery capacity. This move aims to reshape the region's petroleum market landscape.

The initiative involves establishing a regional trade price hub in Nigeria, enhancing storage capacity, and creating uniform quality standards for petroleum products. The Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA) and the African Refin Distributor Association (ARDA) are spearheading this effort, with support from the African Bank for infrastructure financing.

The goal is to reduce import dependency, promote regional trade, and ensure price transparency.