By Obas Esiedesa, Abuja
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.
