FG backs regional petrol pricing benchmark for West Africa
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.
Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Oritsemeyiwa Eyesan, said rising refining capacity, improved gas supply and increased crude oil production had created an opportunity to integrate the West African petroleum market.
He said the inaugural conference in 2025 laid the foundation for a West African refined-products reference market, focusing on refining capacity, logistics, storage, infrastructure, regulatory cooperation, market data and access to capital.
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