FG backs West Africa petrol pricing benchmark
— 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.
He said the country’s expanding refining capacity and strategic position in Africa placed Nigeria in a strong position to support the emergence of a more integrated West African petroleum market.
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