NMDPRA Advocates Regional Fuel Price Benchmark for West Africa

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has called for the establishment of a regional fuel price benchmark for West Africa, asserting that crises in Western Europe and the Mediterranean should not dictate petroleum product prices in Nigeria and other African nations. Rabiu Umar, the Authority Chief Executive and WARF Chairman, made this statement at the second West Africa Refined Fuel Market Conference in Abuja.

He emphasized the need for a pricing system that reflects local supply, demand, and market conditions, rather than external geopolitical issues. Umar stated that the goal is to create a transparent market structure for credible price discovery, not to isolate Nigeria from the international market.

He outlined the necessity for reliable financing, enhanced refinery capacity, and improved logistics to support this initiative. The conference was co-hosted by NMDPRA, S&P Global Commodity Insights, and the West Africa Regulator Forum, focusing on funding infrastructure to create a transparent market for regional price benchmarks.