Federal Government supports regional petrol pricing benchmark for West Africa

The Federal Government has thrown its weight behind a regional petrol pricing benchmark for West Africa, according to Vanguard, which reported that the initiative aims to strengthen energy security and deepen cross-border trade.

Minister of State for Petroleum Resources, Heineken Lokpobiri, said this at the 2026 West Africa Refined Fuel Market Conference in Abuja, stressing that Nigeria’s downstream deregulation was meant to unlock investment.

NMDPRA chief Rabiu Umar said the initiative had moved from roadmap to execution, while S&P Global’s Vera Blei urged market players to transact against emerging regional benchmarks to make them credible.