The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has called for the establishment of an African fuel pricing benchmark, saying the continent’s growing refining capacity requires a pricing reference that reflects regional realities and reduces dependence on foreign indices. The Authority’s Chief Executive and Chairman of the West Africa……
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has called for the establishment of an African fuel pricing benchmark, saying the continent’s growing refining capacity requires a pricing reference that reflects regional realities and reduces dependence on foreign indices.
The Authority’s Chief Executive and Chairman of the West Africa Regulators Forum (WARF), Farouk Ahmed, made the call during a press conference jointly organised by the NMDPRA and WARF ahead of the forthcoming West Africa Refined Fuel Market Conference.
The development was disclosed in a statement shared on the NMDPRA’s official X handle, on Friday.
According to Ahmed, Africa’s expanding refining capacity makes it imperative for the continent to develop its own fuel pricing benchmark to improve market transparency, promote regional trade and maximise the benefits of local refining.
He said such a benchmark would also strengthen investment opportunities and reduce reliance on foreign pricing mechanisms.
“The more we’re able to refine our products, the more relevant it is to have our own reference pricing and create that advantage, particularly within the West African region,” he said.
Ahmed noted that the forthcoming West Africa Refined Fuel Market Conference would provide stakeholders with an opportunity to address key challenges confronting the regional petroleum market and chart a path towards a unified pricing framework.
He explained that the conference, scheduled to hold from August 11 to 12, is being organised in partnership with S&P Global Commodity Insights and the West Africa Regulators Forum.
According to him, the gathering will focus on identifying infrastructure gaps, attracting investments, strengthening regional collaboration and advancing efforts to establish a credible African petroleum price benchmark.
“The conference will serve as a strategic platform to identify critical infrastructure gaps, attract investment, foster regional collaboration, and advance efforts toward establishing a credible African petroleum price benchmark,” Ahmed stated.
The NMDPRA said the initiative forms part of broader efforts to deepen regional integration in the downstream petroleum sector and position West Africa to benefit from increasing refining capacity across the continent.
