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FG backs regional petrol pricing benchmark for West Africa
['Urowayino Jeremiah']
Vanguard News
He, however, stressed that Nigeria could not achieve the objective alone, calling for stronger cooperation among West African countries and greater alignment of regulatory frameworks.
According to him, an integrated regional market would enable West African countries to maximise their respective advantages, attract investment and reduce the dependence of African petroleum markets on pricing structures determined outside the continent.
She said Nigeria’s expanding refining capacity and declining dependence on imported petrol presented an opportunity for the country to anchor a more integrated regional petroleum market.
“The West African market must be integrated.
She said S&P Global was developing additional data and reporting mechanisms for West Africa to improve transparency and support regional price discovery.