The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has called for the establishment of a transparent pricing benchmark for petroleum products in West Africa.

The authority emphasised that it is time for the region to stop relying on external forces to determine the prices of its petroleum and gas products.

Rabiu Umar, the Chief Executive Officer (CEO) of NMDPRA, made this statement on Thursday in Abuja during a media briefing ahead of the second West Africa Refined Fuel Conference, which is scheduled for August 11 and 12, 2026.

The conference, themed “Funding West Africa Infrastructure and Distribution to Create a Transparent Market for Regional Price Benchmarks,” will be organised by the NMDPRA in collaboration with S&P Global Commodity Insights and the West Africa Regulators Forum. Its focus will be on mobilising investments for infrastructure capable of supporting transparent regional pricing and trading.

According to Umar, the initiative aims to establish West Africa as a credible regional marketplace where refined petroleum products can be traded efficiently, transparently, and competitively.

He stated that the time has come for Africa to determine the pricing of its vast petroleum and gas resources, rather than leaving it to external influences.

He added that the event would bring on board regulators, investors, financial institutions and industry leaders to work on feasible solutions that will see to the financing of infrastructure and logistics needed to strengthen the region’s downstream petroleum market.

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He said, “The vision is to establish West Africa as a credible regional marketplace where petroleum products can be traded efficiently, transparently and competitively. By strengthening infrastructure, harmonising regulations and improving market data, the region can enhance price discovery, facilitate cross-border trade and attract greater investment. The more we are able to produce, the more relevant it becomes to have our own reference pricing.

“Reliable market data is essential for transparent pricing, informed investment decisions, risk management, and market confidence. High-quality data also supports evidence-based regulation and policy development.”

He stated that while this year’s conference is aimed at deepening discussions on building an integrated, resilient and sustainable refined products market across Africa, participants will look at infrastructure financing, market transparency, regional cooperation, logistics development and strategies for expanding refining capacity to accelerate energy security and reduce to the barest minimum the dependence on imported petroleum products.

Umar, while championing the drive for a regional petroleum products price benchmark said almost every major energy market in the world operates its own pricing index, adding that regional benchmark prices brought to the fore local realities such as supply and demand, transportation costs and logistics, giving room for market participants to determine their prices rather from outside.

He also listed opportunities in gas processing, transportation, liquefaction, compression, strategic petroleum reserves and LNG infrastructure as major areas requiring private sector participation.

“Investments in pipelines, storage terminals, ports, rail systems, road networks, refineries, and digital trading platforms reduce supply costs, improve energy security, and enhance regional integration. Improved infrastructure and market efficiency can reduce supply disruptions, lower logistics costs, encourage competition, and support more reliable access to petroleum products across the region,” the NMDPRA chief added.