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 Federal Government has stated that crises in Western Europe and the Mediterranean should not automatically dictate petroleum product prices in Nigeria and other African nations. The Nigerian Midstream and Downstream Petroleum Regulatory Authority believes that a regional benchmark for West Africa is needed to reflect its own market realities.
Authority CEO Rabiu Umar made this point at a conference in Abuja aimed at establishing a transparent regional pricing system for refined petroleum products. Umar argued that West Africa cannot continue to be affected by disruptions in Western Europe or the Mediterranean if those issues have little to do with the region. He emphasized that the refining landscape in West Africa is rapidly changing and Nigeria is becoming a major supplier of refined petroleum products to the region.
Umar urged the development of a market that is specific to West Africa's needs, taking into account geopolitical issues, demand and supply, and market complexities.
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