Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo
The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, has said crises in Western Europe and the Mediterranean should not automatically determine petroleum product prices in Nigeria and other African countries, arguing that West Africa needs a regional benchmark that reflects its own market realities.
The Authority Chief Executive, Rabiu Umar, said this on Tuesday at the second West Africa Refined Fuel Market Conference in Abuja, where regulators, refiners, traders, financiers and other industry stakeholders renewed efforts to establish a transparent regional pricing system for refined petroleum products.
The conference is jointly hosted by the Authority, S&P Global Commodity Insights and West Africa Regulator Forum, with the theme: “Funding West Africa Infrastructure & Distribution to Create a Transparent Market for Regional Price Benchmarks.”
Umar, who also doubles as the WARF Chairman, said, “If we look at the refining capacity on the continent and how it has been increasing, it simply doesn’t make sense that if there is a problem in Western Europe or in the Mediterranean, it is going to affect our pricing in Africa.
