The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in collaboration with the West Africa Regulators Forum (WARF), held a press conference ahead of the forthcoming West Africa Refined Fuel Market Conference.
Speaking at the event, the Authority Chief Executive of NMDPRA and Chairman of WARF, Mallam Rabiu A. Umar, stated that Africa requires a regional fuel pricing benchmark that reflects the continent’s growing refining capacity, enhances market transparency, and reduces reliance on foreign pricing indices.
He noted that as refining capacity continues to expand across the continent, it has become increasingly important for Africa to establish its own pricing reference to maximise the benefits of regional production, trade, and investment.
“The more we’re able to refine our products, the more relevant it is to have our own reference pricing and create that advantage, particularly within the West African region,” he said.
He explained that the West Africa Refined Fuel Market Conference, scheduled to hold from 11–12 August and organised in collaboration with S&P Global Commodity Insights and WARF, will serve as a strategic platform to identify critical infrastructure gaps, attract investment, foster regional collaboration, and advance efforts toward establishing a credible African petroleum price benchmark.
