By By Obas Esiedesa
The Federal Government has backed the establishment of a regional petrol pricing benchmark for West Africa, saying the initiative will 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 and investors discussed plans for a regional petroleum pricing and trading hub.
Lokpobiri said Nigeria’s deregulation of the downstream petroleum sector was designed to unlock investment and allow market forces to play a greater role in determining petroleum prices.
He, however, stressed that Nigeria could not achieve the objective alone, calling for stronger cooperation among West African countries and greater alignment of regulatory frameworks.
