Regulators urged to adopt real-time petroleum intelligence

Petroleum regulators in West African nations are being urged to adopt digital market intelligence platforms to enhance transparency, price discovery and access to real-time information in the downstream oil sector. Jeremiah Olatide, CEO of Petroleumprice.ng, made this appeal during the Owari Executive Market Intelligence Forum 2026 held in Lagos.

He emphasized that traders and industry participants need timely and accurate information to make informed commercial decisions. Misinformation can result in significant financial losses, according to Olatide.

Olatide explained that digital platforms could address the lack of transparency and real-time data in the petroleum market by consolidating information that traders could utilize in their daily operations. He emphasized that these platforms should not merely provide raw figures but should also aid users in interpreting the data and understanding the factors that influence petroleum prices.

While petroleum prices in Nigeria are quoted in naira, wholesale transactions are linked to dollar-denominated costs. Therefore, proper interpretation of market data is crucial for traders to make informed decisions.

The Owari forum gathered professionals involved in petroleum trading, market intelligence, commodities, and downstream operations. The platform's founder, Joe Leigh, explained that the platform was created to centralise data scattered across various sources, making it difficult for traders and industry participants to access quickly.

The platform provides information on different aspects of physical oil trading, including prices and stock levels, and is designed for traders, operators, regulators, ship owners, and brokers operating in West African markets.