West Africa Wants to Stop Pricing Its Petrol Off Europe
Nigeria's downstream regulator has made the case for a West African refined-fuel price benchmark, though no agreement was signed and no timetable was given. The post West Africa Wants to Stop Pricing Its Petrol Off Europe appeared first on The Rio Times .
West Africa is seeking to establish its own benchmark for refined fuel prices, rather than relying on pricing off Europe. This ambition was presented by Nigeria's regulatory authority at a conference in Abuja on 11 August. Rabiu Umar, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and chair of the West Africa Regulators Forum, made the case that the region's growing refining capacity means its fuel prices should no longer be tied to European markets.
Platts, a division of S&P Global Commodity Insights, has already launched price assessments for West African petrol, diesel, gasoil and jet fuel in naira and dollars. However, no agreement or timetable has been set for the region to begin trading against these prices. Officials acknowledge that a credible regional benchmark requires transaction volume and infrastructure investments like storage and credit lines.
For West African consumers, a local benchmark would insulate them from disruptions thousands of miles away.
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