Ghana news briefing
Dangote refinery spurs West Africa fuel trading hub ambitions
West African energy regulators are stepping up plans for a regional fuel pricing benchmark and trading hub, betting that a wave of new refining capacity led by Nigeria's Dangote refinery can give Africa a greater role in fuel price discovery and trade, Nigeria's regulator said on Tuesday.
Speaking at the regional refined fuel market conference, Rabiu Umar, chief executive of Nigeria's Midstream and Downstream Petroleum Regulatory Authority, said the start-up of the 650,000 bpd Dangote refinery in 2024 was reshaping regional fuel supply chains and strengthening the case for a West African pricing and trading ecosystem independent of foreign benchmarks.
The regulator said West Africa had made progress towards establishing a regional refined-products benchmark market, citing closer collaboration with S&P Global Commodity Insights.
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