West African midstream and downstream petroleum regulators are joining forces to establish a new regional forum aimed at harmonising fuel prices and enhancing petroleum product trading across the subregion.
This initiative emerged as a key resolution from the inaugural West African Refined Fuel Market Conference, jointly organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global Commodity Insights, held recently in Abuja.
Themed “West Africa Refined Fuel Market: Pathway to a Regional Reference Market,” the conference focused on developing petroleum and natural gas trading hubs in Nigeria, standardising pricing and product quality across the region, boosting market transparency, and encouraging downstream investment through trade zones and digital platforms.
According to a communiqué released by NMDPRA’s Public Affairs Department, participants agreed to create the West African Regulators Forum and a Technical Working Group to coordinate the implementation of the conference’s resolutions. NMDPRA, in collaboration with the African Refiners and Distributors Association (ARDA), will oversee the forum’s activities.
The communiqué stated that the forum will ensure adherence to the roadmap timelines and address key challenges hindering intra-African trade, such as infrastructure deficits, tariff barriers, exchange rate fluctuations, and inconsistencies in product specifications.
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Among the major outcomes of the conference were:
- Incentives for expanding refining capacity and ensuring adequate feedstock for local refiners.
- Establishment of transparent and independent regional price assessments.
- Development of a harmonised pricing and quality standard framework by relevant government bodies.
- Formulation of a comprehensive roadmap for implementing and monitoring progress.
- Creation of innovative funding models by African financial institutions to support infrastructure growth.
Stakeholders also agreed to establish petroleum and natural gas trading hubs in Nigeria and to convene the West African Refined Fuel Market Conference annually to review progress.
“We are encouraged by the success of this inaugural event and look forward to advancing the long-term goals of a unified West African fuel market,” said Farouk Ahmed, Chief Executive of NMDPRA.
Vera Blei, Head of Market Reporting and Trading Solutions at S&P Global Commodity Insights, described the conference as a “valuable platform for advancing market dialogue and regional cooperation.”
Both NMDPRA and Platts emphasised their commitment to promoting long-term sustainability and developing regional petroleum reference prices to strengthen Africa’s market framework.
The conference underlined the urgent need for a unified trading and price reference hub for the region—one supported by refinery capacity expansion, improved supply chains, and transparent market systems to foster energy security and economic integration across West Africa.
