Nigeria partners with S&P Global for West African petroleum price index
The initiative, launched at the West African Refined Fuel Conference in Nigeria's capital Abuja, aims to create localised indices for products such as petrol, diesel, aviation fuel and liquefied petroleum gas.
West Africa is a significant oil and gas producer as well as a growing refining hub. But it is currently dependent upon posted prices from global reference markets, said Farouk Ahmed, head of Nigeria's Midstream and Downstream Petroleum Regulatory Authority.
"While these benchmarks are globally accepted, often they do not reflect the unique supply chain peculiarities, market dynamics and economic realities of the African continent," Ahmed said.
The partnership will improve price transparency, support investment decisions and enhance energy security across the region, he added.
OPEC member Nigeria, Africa's largest crude producer, is implementing reforms to liberalise its downstream sector as it positions itself as a regional trading hub.
The Dangote petroleum refinery in the commercial capital Lagos, for example, with refining capacity of 650,000 barrels per day, started operations last year and has been ramping up production and seeking new markets.
Nigeria currently produces some 31% of the refined fuel traded in West Africa, with that share expected to grow as new refining projects come online.
(Reporting by Isaac Anyaogu; Editing by Joe Bavier)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
14 hours ago
- Zawya
Kuwait minister 'optimistic' about oil market fundamentals
DUBAI - Kuwait's oil minister said he was optimistic about the oil market's fundamentals and that OPEC+ efforts aim for market balance, the state news agency (KUNA) reported on Tuesday. Tariq Suleiman Al-Roumi's comments came after Monday's OPEC+ meeting where Al-Roumi and other ministers from the Joint Ministerial Monitoring Committee met online for brief talks to stress the need for full compliance with oil production agreements. "(I am) optimistic about the fundamentals of the oil market and that OPEC+ efforts target energy security and market balance," KUNA quoted him as saying, without giving further details. OPEC+, which pumps about half of the world's oil, has been curtailing production for several years to support the market. But it reversed course this year to regain market share, and as U.S. President Donald Trump demanded OPEC pump more to help keep a lid on gasoline prices. Eight members began to raise output in April and have accelerated production increases since then. Their most recent decision calls for an oil output increase of 548,000 barrels per day in August. Al-Roumi said Kuwait supports efforts to maintain a stable international oil market and that OPEC+ decisions are based on market developments. Kuwait possesses some of the world's largest oil reserves and, unlike its Gulf neighbours, remains heavily dependent on oil as it makes slow progress on diversifying its sources of revenues. It ran up a budget deficit of $5.23 billion for the fiscal year 2023/24, on the back of declining oil revenues based on an oil price of $86.36 a barrel. Kuwait's draft budget for the fiscal year 2025/26, which started on April 1, sees the deficit widening to $20.43 billion as oil revenues are expected to fall 5.7% from 2024/25, based on an oil price of $68 a barrel, the country's finance ministry said in February. ($1 = 0.3055 Kuwaiti dinars)
Zawya
a day ago
- Zawya
Ghana: Finance Minister Chairs New 13-Member Public-Private Partnership Working Committee
The Minister for Finance, Dr. Cassiel Ato Forson, has been inaugurated as Chair of a newly constituted 13-member Public-Private Partnership (PPP) Working Committee aimed at deepening collaboration between the government and the private sector to fund critical infrastructure and development projects. The inauguration was conducted by Deputy Finance Minister, Hon. Thomas Ampem Nyarko, who underscored the importance of the committee's work in the context of limited fiscal space. He stressed that enhanced private sector engagement is now essential to meeting the country's development needs. In his remarks, Dr. Forson emphasized the need to reform how PPPs are designed and executed in Ghana. He said the era where government-dominated projects are called public-private partnerships must end. True PPPs must involve real risk-sharing between government and the private sector. According to him, what has been seen over the years does not reflect what a proper PPP should be. The committee is tasked with streamlining Ghana's PPP framework to ensure that future projects are sustainable, transparent, and deliver value for money. Members of the Committee: 1. Dr. Cassiel Ato Forson, MP – Minister for Finance (Chairperson) 2. Dr. Dominic Akuritinga Ayine, MP – Attorney General and Minister for Justice 3. Hon. Elizabeth Ofosu-Adjare, MP – Minister for Trade, Agribusiness and Industry 4. Dr. Audrey Smock Amoah – Director-General, National Development Planning Commission 5. Mr. Simon Madjie – CEO, Ghana Investment Promotion Centre 6. Mr. Frank Mante – CEO, Public Procurement Authority 7. Prof. Nana Ama Brown Klutse – Executive Director, Environmental Protection Agency 8. Prof. Anthony Owusu-Ansah – Executive Secretary, Lands Commission 9. Mr. Samuel Manu Asiama – Chartered Institute of Bankers Representative 10. Ing. Festus Ofoli Odametey – Ghana Institution of Engineers Representative 11. Mad. Nana Oye Bampoe Addo – Deputy Chief of Staff, Office of the President 12. Mad. Shamima Muslim – Deputy Presidential Spokesperson 13. Mr. Patrick Nomo – Chief Director, Ministry of Finance (Secretary) The committee is expected to provide technical guidance and oversight to ensure that PPPs are properly structured and aligned with Ghana's development goals. Distributed by APO Group on behalf of Ministry of Finance - Republic of Ghana.
Zawya
a day ago
- Zawya
Nigeria: Amb Mignot addresses Faculty, Alumni and Students at Lagos Business School
The EU-Nigeria partnership was again in focus on July 24 2025, as Amb. Gautier Mignot addressed the faculty, alumni and students of the Lagos Business School (LBS), Nigeria's premier incubating ground for policy and business leaders, nested inside the elite Pan Atlantic University, Lagos. The fireside chat themed 'The EU as a Trusted Partner for Nigeria and the World' was part of a lecture series that had previously taken the EU Ambassador to Nigeria and ECOWAS to universities in Abuja, Keffi, Lagos, Kano and Sokoto, and still counting. Amb Mignot spoke of a complex world where shared concerns are driving fears as many people grapple with challenges of security, poverty, even hunger. According to him, the world needs to perform a triple transition: green, digital and inclusive, a transition already being championed by the EU. As globalisation makes problems transboundary, collective global solutions also become necessary. 'While each nation bears its own responsibility and should not rely on others to fix its problems, cooperation is needed more than ever,' he said. Noting that the EU serves as model for collective response to shared problems. The EU network of partnerships across the world aims to extend to the world the same recipe for success. 'We think this is in our best interest too: cooperation, equal rules for all, respect for other nations' rights and legitimate interests, respect of rights individuals and shared prosperity with strong innovation capacities,' Amb. Mignot stated. He underlined the EU's role as a reliable partner for Africa, with significant investments in climate-smart agriculture, renewable energy, digital infrastructure, and education. He hailed the EU-Nigeria partnership rooted in transparency and mutual respect. 'Your progress is our progress,' he said. Dean of LBS, Prof. Olayinka David-West, said the theme of the lecture was not only timely but also deeply resonant in a world increasingly defined by interconnected challenges that require collective solution. 'At Lagos Business School, we see ourselves as a convening space where ideas, policy, and leadership converge to drive sustainable development. The European Union's commitment to inclusive growth, education, and innovation resonates strongly with our vision to develop responsible leaders to inspire Africa's growth,' she said. Distributed by APO Group on behalf of Delegation of the European Union to the Federal Republic of Nigeria and ECOWAS.
