The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has called on petroleum regulators across West Africa to collaborate on establishing a regional pricing benchmark for refined petroleum products.
The authority said a transparent West African pricing mechanism would strengthen market confidence, promote cross-border trade and attract investment into the downstream petroleum sector.
The chief executive of NMDPRA, Rabiu Umar, made the call in Abuja on Thursday ahead of the second West Africa Refined Fuel Conference.
Umar argued that Africa, despite being a major producer of crude oil and natural gas, still relies heavily on international markets to determine the prices of petroleum products produced within the continent.
He said the conference, organised in partnership with S&P Global Commodity Insights and the West Africa Regulators Forum (WARF), was aimed at developing a credible regional marketplace where petroleum products could be traded efficiently, transparently, and competitively.
“The vision is to establish West Africa as a credible regional marketplace where petroleum products can be traded efficiently, transparently, and competitively,” Umar said.
“By strengthening infrastructure, harmonizing regulations, and improving market data, the region can enhance price discovery, facilitate cross-border trade and attract greater investment.”
The conference, scheduled for August 11 and 12 in Abuja, is themed “Funding West Africa Infrastructure & Distribution to Create a Transparent Market for Regional Price Benchmarks.”
It will bring together regulators, investors, financial institutions, and industry stakeholders to explore ways of financing infrastructure and logistics required to support a regional petroleum trading hub.
Umar said progress had been recorded since the maiden edition of the conference in 2025, including the establishment 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.
