NMDPRA Forecasts Continued Drop in Fuel Prices in Nigeria Amid Increased Competition

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) forecasts a persistent decline in petrol, diesel, and cooking gas prices in Nigeria. Saidu Moham, the Chief Executive of NMDPRA, attributes this trend to increased fuel supply, private sector involvement, heightened competition, and the elimination of fuel subsidies.

Moham highlights the country's shift towards affordable energy options and improved local product distribution. He stresses the need for refineries to enhance their capacity to produce various petroleum products.

Additionally, Moham commends Aradel Holdings PLC for its contributions to Nigeria's energy infrastructure and emphasizes the importance of sustained competitiveness in the oil and gas sector. The regulator aims to attract significant investments by providing regulatory incentives.

Adegbit Falade, the Managing Director of Aradel Holdings, reaffirms the company's commitment to expanding refining capacity and reducing gas flaring.