Fuel Prices Remain Volatile in Nigeria Amid Crude Oil Sourcing Challenges

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has identified several key factors driving volatility in fuel pump prices. According to Mr George Ene-Ita, Head of Public Affairs at NMDPRA, these factors include crude oil sourcing, single-source domestic refining, logistics and transportation costs.

Ene-Ita explained that the deregulation of fuel prices means they are subject to market volatility. He noted that pump price has been completely deregulated, making it necessary for all supply-related volatilities to be factored into product pricing.

The NMDPRA is collaborating with stakeholders and agencies such as the Federal Competition and Consumer Protection Commission to ensure price equilibrium and parity at the last mile.