Nigerians can expect a continuous drop in the prices of Premium Motor Spirit (Petrol), Automotive Gas Oil (Diesel), and Liquefied Petroleum Gas (Cooking Gas) nationwide, according to a major announcement from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The regulator attributes this positive trend to improved supply, increased market competition, and sustained private sector investments.
The Chief Executive of the NMDPRA, Mr. Saidu Mohammed, gave this assurance during a facility inspection tour of Aradel Holdings Plc in Ogbele, Rivers State. He stated that the effective functioning of market forces since the removal of the fuel subsidy is the primary driver behind the price stabilization and reduction.
“The more supply we have, the lower the price, and this is already evident as petrol has dropped from about N1,000 to N800 per litre due to competition,” Mohammed said. He emphasized that “sustained competition, rather than subsidies, will guarantee adequate supply of petrol and gas at affordable prices for Nigerians.”
The NMDPRA boss highlighted the critical need for more local refineries with advanced capabilities to produce a full range of petroleum products, stating that expanding domestic refining is key to Nigeria’s energy security. He revealed that while Nigeria has ambitions to export refined products to international markets, the primary focus remains on adequately satisfying domestic demand first.
Mohammed also addressed the state-owned refineries, noting that the NMDPRA is engaging with the Nigerian National Petroleum Company Limited (NNPCL) to ensure the delivery of crude oil and products to the Port Harcourt and Warri plants. “Once product loading resumes, Nigerians will begin to feel the economic impact, even before full refinery operations,” he added.
Commending indigenous companies, Mohammed pointed to Aradel Holdings as proof that Nigerian firms can successfully operate world-class energy infrastructure. In response, Aradel's Managing Director, Mr. Adegbite Falade, reiterated the company’s commitment to expanding capacity and being a part of the long-term solution to the nation’s energy challenges.
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