The Nigerian Midstream and Downstream Petroleum Regulatory Authority have called for a regional benchmark for refined petroleum products to reflect market conditions across West Africa.
NMDPRA Chief Executive, Rabiu Umar says developments in Western Europe and the Mediterranean should not automatically determine fuel prices in African markets.
He said a regional benchmark should consider local supply and demand, refinery capacity, storage, transportation and trading conditions.
Umar also called for greater cooperation among West African countries to support cross border petroleum trade and establish a transparent regional market.
