For decades, West African countries have produced crude oil, yet the prices consumers pay for refined petroleum products are largely determined outside the continent.
Now, industry regulators say changing that begins with stronger regional cooperation and strategic investment.
Every time fuel prices fluctuate across West Africa, the impact is felt almost immediately by businesses, transport operators, and millions of households already grappling with the rising cost of living.
This experts say is largely because despite the region’s abundant oil and gas resources, the benchmark prices for most refined petroleum products are still set outside Africa.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says that reality must change if the region is to unlock its full economic potential.
Speaking ahead of the second edition of the West Africa Refined Fuel Conference in Abuja, the Authority Chief Executive, of the NMDPRA and Chairman of the West Africa Regulators Forum, Rabiu Umar, says the gathering is designed to attract investment into critical petroleum infrastructure while promoting a transparent regional trading market.
“The conference will strengthen collaboration among regulators, investors and industry stakeholders to build a more transparent, efficient and competitive regional petroleum market.”
With the theme, “Funding West Africa Infrastructure and Distribution to Create a Transparent Market for Regional Price Benchmarks,” the conference is expected to convene regulators, investors, financial institutions, and energy experts to explore practical solutions for financing infrastructure, improving distribution networks, and deepening regional cooperation.
Organisers say the expected outcomes include fresh investment partnerships, new infrastructure financing initiatives, stronger regulatory collaboration, and policy recommendations aimed at improving energy security and establishing regional price benchmarks for refined petroleum products.
For millions of consumers across West Africa, the expected benefit will be ensuring a more stable, transparent, and resilient fuel market driven by the region itself.
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Editor: Nkoli Omhoudu
