Energy Markets
Nigeria partners with S&P Global to develop West African Petroleum Price Index
Nigeria's downstream regulator announced on Tuesday that it has partnered with S&P Global Commodity Insights in order to create a regional benchmark price for refined petroleum products across West Africa. The initiative was launched in Nigeria's capital Abuja at the West African Refined Fuel Conference. It aims to create locally-specific indices for petrol, diesel and aviation fuel. West Africa is an important oil and gas producing region, as well as a refining center that's growing. Farouk Ahmad, the head of Nigeria's Midstream and Downstream Petroleum Regulatory Authority, explained that it depends on posted prices from global benchmark markets. Ahmed stated...