Europe, Mediterranean crises shouldn’t affect Africa petroleum price benchmark – FG
The Federal Government argues that crises in Europe shouldn’t dictate Africa petroleum price. Nigeria pushes for a West African regional benchmark reflecti Read More: https://punchng.com/europe-mediterranean-crises-shouldnt-affect-africa-petroleum-price-benchmark-fg/
The Nigerian government has insisted that crises in Western Europe and the Mediterranean should not automatically dictate petroleum prices in Africa. The Federal Government's regulatory authority argues that West Africa requires a regional benchmark that accurately reflects its own market conditions. Chief Executive Rabiu Umar made this point during the second West Africa Refined Fuel Market Conference in Abuja, where regulators, refiners, and other stakeholders discussed establishing transparent pricing for refined petroleum products.
Umar claims that relying on external prices leaves African consumers vulnerable to disruptions in distant regions that have no direct impact on their own markets. He emphasized that West Africa's refining landscape is rapidly evolving, making it unsuitable to base prices on external factors that may have no bearing on the region.
The NMDPRA boss called for a more tailored approach to pricing that considers local geopolitical issues, supply-demand dynamics, and internal market complexities. Umar stressed the need for infrastructure development, stronger logistics, harmonized regulations, and regional cooperation to create a viable trading hub for refined petroleum products across West Africa.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
