Lawmaker backs West Africa petrol pricing benchmark

Ugochinyere said the emergence of West Africa as a refining hub made it imperative for the region to develop a credible benchmark for refined petroleum products.

West African energy regulators are stepping up plans for a regional fuel pricing benchmark and ​trading hub, betting that a wave of new refining ‌capacity led by Nigeria's Dangote refinery can give Africa a greater role in fuel price discovery and trade, Nigeria's regulator said on Tuesday.

NMDPRA advocates for West Africa to establish its own regional fuel price benchmark, independent of European crises, to reflect local market realities.