The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has urged petroleum regulators across West Africa to work together on a regional pricing benchmark for refined products, saying a transparent pricing system would boost market confidence, deepen cross‑border trade and draw more investment into the downstream sector.
Speaking in Abuja ahead of the second West Africa Refined Fuel Conference scheduled for August 11 and 12, the authority’s Chief Executive, Rabiu Umar, noted that although the region is a major producer of crude oil and gas, it still depends on international markets to set prices for products consumed within the continent. He said the conference, organized with S&P Global Commodity Insights and the West Africa Regulators Forum, aims to build a credible regional marketplace where petroleum products can be traded efficiently, transparently and competitively by improving infrastructure, harmonizing regulations and strengthening market data.
Umar explained that since the maiden edition in 2025, progress has been made, including the formation of the West Africa Regulators Forum, the publication of West African reference prices and the opening of S&P Global Commodity Insights’ regional office in Abuja. The 2026 edition will focus on financing infrastructure, enhancing regional cooperation, improving market transparency, developing logistics and expanding refining capacity to bolster energy security and cut reliance on imported fuels. He listed key investment priorities such as pipelines, storage facilities, marine terminals, ports, rail lines, digital commodity exchanges and trading platforms, strategic reserves, LNG infrastructure and logistics corridors needed to support an integrated regional energy market.
