Nigerian Government don back di plan to set up one regional petrol pricing benchmark for West Africa,.

Dem say di initiative go strengthen energy security, make cross-border trade dey stronger, and allow di region to determine di value of dia refined petroleum products.

Di Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, talk dis one yesterday at di 2026 West Africa Refined Fuel Market (WAFRFM) Conference for Abuja, where regulators, refiners, traders, and investors gather to discuss plans for one regional petroleum pricing and trading hub.

Lokpobiri say Nigeria deregulation of di downstream petroleum sector na to open di door for investment and allow market forces to play bigger part for determining petroleum prices.

But e still stress say Nigeria no fit achieve di objective alone, and e call for stronger cooperation among West African countries and better alignment of regulatory frameworks.

"If we succeed for Nigeria, we never reach our objective. We want Ghana to succeed," e talk.

According to am, one integrated regional market go allow West African countries to maximize dia different advantages, attract investment, and reduce how African petroleum markets dey depend on pricing structures wey dem decide outside di continent.

Chief Executive of di Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Rabiu Umar, say di conference mark di change from just developing roadmap to actually implementing di regional market framework.

E say di first conference for 2025 don lay di foundation for one West African refined-products reference market, wey focus on refining capacity, logistics, storage, infrastructure, regulatory cooperation, market data, and access to capital.

Umar say progress don dey record through di West Africa Regulators Forum and collaboration with S&P Global Commodity Insights to bring market reporting and benchmark expertise closer to regional transactions and physical product flows.

"A reference price no be trading hub by itself. A conference no be market," Umar talk, as e stress say credible price discovery need physical infrastructure, commercial liquidity, reliable market information, and operational efficiency.