Nigeria Partners with S&P for Regional Fuel Price Index.
On July 22, 2025, Nigeria signed an agreement with S&P Global Commodity Insights to create a localized West African refined petroleum price index . Announced at the West African Refined Fuel Conference in Abuja, the index will cover petrol, diesel, aviation fuel, and LPG—tailored to reflect regional supply-chain and market dynamics often misrepresented in global benchmarks .
Farouk Ahmed, head of Nigeria’s Midstream and Downstream Petroleum Regulatory Authority, noted that improving price transparency is key to attracting investment, boosting energy security, and supporting Nigeria's push to be a regional refining hub . This aligns with ongoing reforms such as liberalization of the downstream sector.
With the Dangote refinery now supplying over 31% of refined fuel in West Africa, the index will enable data-informed pricing and trading decisions . For buyers and regulators across the region, this signals a shift toward modernization in African petroleum markets.
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