— S&P Global urges market participation
By Obas Esiedesa, Abuja
The Federal Government has backed the establishment of a regional petrol pricing benchmark for West Africa, saying the initiative would strengthen energy security, deepen cross-border trade and enable the region to determine the value of its refined petroleum products.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, stated this yesterday at the 2026 West Africa Refined Fuel Market, WAFRFM, Conference in Abuja, where regulators, refiners, traders, investors and other industry stakeholders discussed the development of a regional petroleum pricing and trading hub.
Lokpobiri said Nigeria’s decision to deregulate the downstream petroleum sector was aimed at unlocking investment and allowing market forces to play a greater role in determining petroleum prices.
