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ADNOC Signs 15-Year LNG Supply Deal With Japan’s INPEX
Abu Dhabi National Oil Company (ADNOC) has signed a 15-year sales and purchase agreement with Japan’s INPEX Corp to supply 1 million tonnes per annum (mtpa) of liquefied natural gas (LNG) from its Ruwais LNG project.
ADNOC said the agreement was signed during a high-level visit to Japan led by Sultan Al Jaber, the United Arab Emirates’ Minister of Industry and Advanced Technology, ADNOC’s Managing Director and Group Chief Executive Officer, and Executive Chairman of XRG.
Nasser Al Muhairi, Acting Chief Executive Officer of ADNOC Downstream Industry, Marketing and Trading and Chairman of Ruwais LNG, said the deal was the first long-term LNG supply agreement announced since the launch of ADNOC and XRG’s integrated global LNG marketing and trading platform.
He said the agreement builds on ADNOC’s long-standing energy partnership with Japan and supports the commercialisation of the Ruwais LNG project.
“As ADNOC and XRG target 47 million tonnes per annum of combined marketable LNG by 2035, Ruwais LNG will be a key source of reliable, flexible and lower-carbon supply for customers in Asia and around the world,” Al Muhairi said.
ADNOC said the agreement also strengthens its long-standing relationship with INPEX, which holds interests in several of Abu Dhabi’s offshore and onshore oil and gas concessions.
The LNG will be supplied primarily from the Ruwais LNG project, which is under development in Al Ruwais Industrial City, Abu Dhabi. The project is expected to begin commercial operations in 2028.
ADNOC said about 90% of the project’s planned production capacity of 9.6 mtpa has already been committed to customers in Asia and Europe under long-term agreements.
The company said the Ruwais LNG facility will be the first LNG export plant in the Middle East and Africa to operate on clean power. It added that the project will use artificial intelligence and other advanced technologies to improve operational efficiency, enhance safety and reduce emissions.
In November 2024, ADNOC Gas said it expects to acquire ADNOC’s 60% stake in the Ruwais LNG project at cost, estimated at about $5 billion, in 2028. Once completed, the project, comprising two liquefaction trains with a combined capacity of 9.6 mtpa, is expected to increase ADNOC Gas’ operated LNG production capacity to about 15 mtpa.
Ghana: Kenya’s EPRA Visits Ghana’s Energy Commission To Benchmark MEPS Implementation
A delegation from Kenya’s Energy and Petroleum Regulatory Authority (EPRA) has visited the Energy Commission of Ghana to benchmark the implementation of regional Minimum Energy Performance Standards (MEPS), the commission said.
The delegation, comprising officials from EPRA’s Electricity and Renewable Energy Directorate, is studying Ghana’s experience in implementing energy-efficiency standards and regulatory frameworks.
During the visit, officials from both institutions discussed implementation frameworks, policies and institutional arrangements supporting MEPS in Ghana, as well as monitoring, compliance and enforcement mechanisms. The discussions also covered the design and implementation of regional and national MEPS programmes, data collection, benchmarking and performance-tracking systems.
Acting Executive Secretary of the Energy Commission, Adwoa Serwaa Bondzie, said Ghana’s energy-efficiency programme began in the mid-2000s with the introduction of standards and labelling requirements for refrigerating appliances before expanding to air conditioners and lighting products.
Bondzie said the commission’s refrigerator rebate and exchange programme demonstrated how regulation, incentives and public awareness could encourage the adoption of energy-efficient appliances.
She added that the commission had strengthened its testing, verification and institutional frameworks to support compliance and enforcement, and highlighted Ghana’s role in harmonising energy-efficiency standards across the Economic Community of West African States (ECOWAS).
Acting Executive Secretary of the Energy Commission, Adwoa Serwaa Bondzie, said Ghana’s energy-efficiency programme began in the mid-2000s with the introduction of standards and labelling requirements for refrigerating appliances before expanding to air conditioners and lighting products.
Bondzie said the commission’s refrigerator rebate and exchange programme demonstrated how regulation, incentives and public awareness could encourage the adoption of energy-efficient appliances.
She added that the commission had strengthened its testing, verification and institutional frameworks to support compliance and enforcement, and highlighted Ghana’s role in harmonising energy-efficiency standards across the Economic Community of West African States (ECOWAS). Nigeria: NNPC Signs Six Gas Agreements With Partners To Boost Industrialisation, Energy Security
Nigerian state-owned energy company NNPC Ltd has signed six long-term gas agreements with industry partners aimed at boosting domestic gas supply, supporting industrialisation and strengthening the country’s energy security, the company said.
The agreements, signed on Tuesday during the 25th NOG Energy Week in Abuja, include a Memorandum of Understanding (MoU), a Gas Sale Aggregation Agreement (GSAA), a Gas Supply Agreement (GSA) and three Network Entry Agreements.
The deals include an MoU and a GSAA with Ajaokuta Steel Company Limited (ASCL), a GSA with UTM FLNG, and Network Entry Agreements with Chevron Nigeria Ltd, AGPC and NNPC Exploration & Production Ltd (NEPL).
NNPC Group Chief Executive Officer Bayo Bashir Ojulari said the agreements support the federal government’s gas-led industrialisation strategy and are expected to increase gas availability for domestic consumers.
“What we are witnessing today is not just about signing agreements. It is about igniting the engine of Nigeria’s industrialisation,” Ojulari said. “Gas is the key. It is a source of revenue and profit. It is also the only resource that can have this level of industrial impact on Nigeria, more than any other hydrocarbon.”
He said the agreements establish a standardised framework for gas utilisation that will unlock additional domestic supply and reinforce the role of natural gas in driving economic growth.
Ojulari said the agreements also mark a new phase of collaboration between NNPC and its partners, which he said would promote local content development, improve energy security and support Nigeria’s ambition to become a major industrial economy.
The signing ceremony was witnessed by Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri, Special Adviser to the President on Energy Olu Verheijen, Nigerian Upstream Petroleum Regulatory Commission Executive Commissioner Oritsemeyiwa Eyesan and Nigerian Midstream and Downstream Petroleum Regulatory Authority Chief Executive Farouk Ahmed.
The agreements have tenures ranging from 15 to 20 years.
Ghana’s Energy Commission Signs MoU With Abu Dhabi’s Global South Utilities
Ghana’s Energy Commission has signed a memorandum of understanding (MoU) with Abu Dhabi-based Global South Utilities (GSU) to strengthen cooperation in the energy sector.
The agreement was signed at Jubilee House in Accra during a high-level visit by a United Arab Emirates delegation led by Sheikh Shakhboot bin Nahyan Al Nahyan, the UAE’s Minister of State.
According to the Energy Commission, the MoU was approved by Ghana’s Minister for Energy and Green Transition, John Abdulai Jinapor.
Adwoa Serwaa Bondzie, Acting Executive Secretary of the Energy Commission, signed the agreement on behalf of the commission, while Ali Al Shimmari, Managing Director and Chief Executive Officer of Global South Utilities, signed for GSU.
The signing was witnessed by the UAE’s Ambassador to Ghana, Abdulla Almandoos.
Under the agreement, the two parties will explore cooperation in technical assistance, knowledge sharing and investment opportunities to support Ghana’s energy transition.
Bondzie said the partnership would help identify “practical areas of collaboration that deliver tangible value for Ghana’s energy sector.”
Al Shimmari said GSU was committed to supporting the commission’s efforts to advance Ghana’s energy transition and long-term economic growth.
The two parties said they expect the agreement to strengthen the resilience of Ghana’s energy infrastructure and expand access to sustainable, reliable and affordable energy.
Dangote Plans 700,000-Bpd Refinery In Kenya’s Lamu For East African Market
Nigeria’s Dangote Industries Ltd plans to build a 700,000-barrel-per-day (bpd) oil refinery in Lamu, Kenya, as part of its expansion into East Africa, the company’s Group Vice President for Oil and Gas, Devakumar Edwin, said.
The proposed refinery would supply refined petroleum products to Kenya and neighbouring East African countries, supporting regional efforts to reduce reliance on imported fuels.
Edwin disclosed the planned capacity during a visit by a delegation from the Republic of the Congo’s national oil company to the Dangote Petroleum Refinery in Lagos on July 1.
He said Dangote’s refining capacity in Nigeria would reach 1.4 million bpd, while the planned Kenyan refinery would add a further 700,000 bpd, bringing the group’s combined refining capacity to 2.1 million bpd.
Dangote Group President Aliko Dangote had previously said the company planned to build a refinery in East Africa.
The project was initially proposed for Tanzania’s Port of Tanga before the company shifted its focus to Kenya.
Lamu and Mombasa are under consideration as potential sites, with the company evaluating the most suitable location for the multibillion-dollar project.
Dangote said the shift reflected maritime considerations, existing infrastructure and market demand.
Kenyan President William Ruto said regional governments would participate in financing the project, with Kenya allocating 21.5 billion Kenyan shillings ($…) in seed capital.
The refinery is expected to cost about 2.5 trillion Kenyan shillings and supply refined fuels to Kenya, Tanzania, Uganda, South Sudan and other East African markets.
If completed, the project is expected to reduce East Africa’s dependence on imported refined petroleum products and improve regional fuel supply security.
Uganda: Farmer Group Sues In UK Court To Block $5bn EACOP Project
A group of Ugandan farmers has filed a case in the UK High Court against the developer of the $5 billion East African Crude Oil Pipeline (EACOP), seeking to stop the nearly completed project on environmental grounds, Oilprice.com reported, citing Bloomberg.
The $5 billion pipeline, which will transport crude oil from Uganda’s Albertine Graben to the Tanzanian port of Tanga, is nearing completion after years of delays and controversy. The project is being developed by French energy major TotalEnergies.
EACOP has faced years of environmental scrutiny over its potential impact on ecosystems and communities along its route. Supporters argue the project could transform East Africa by creating jobs, attracting infrastructure investment and strengthening regional energy security.
Opponents, including the Ugandan farmers who filed the lawsuit against UK-registered EACOP Ltd, argue that the pipeline, associated oil production and its route would harm water resources, wildlife and biodiversity.
The 1,443-kilometre pipeline will enable Uganda to export crude oil for the first time. Production from the Albertine Rift Basin, where TotalEnergies and China’s CNOOC are developing the Tilenga and Kingfisher oilfields, is expected to peak at around 200,000 barrels per day.
The pipeline is designed to transport up to 216,000 barrels of crude oil per day, with capacity expected to increase to 246,000 barrels per day during ramp-up, according to the Ugandan government.
Construction of the pipeline could be completed as early as this month, with first oil exports expected later this year or in early 2027.
The plaintiffs hope the lawsuit will prevent the pipeline from becoming operational.
“The case seeks remedies that could go to the heart of the project’s commercial viability, including an injunction to stop oil being transported through the pipeline, as well as compensation and other legal relief under Ugandan law,” the farmers said in a statement issued through law firm Leigh Day, as cited by Bloomberg.
Ghana: AETC Presents Strategic Energy Vision To President Mahama
Ghana-based Africa Energy Technology Centre (AETC), the continent’s premier institution for energy innovation and technology development, has presented its strategic vision for Africa’s energy future to Ghana’s President, John Dramani Mahama, during a high-level courtesy call led by its Founder and President, Emelia Cedar-Palm Akumah.
The meeting, convened under the auspices of the Minister for Energy and Green Transition, Dr. John Jinapor, brought together senior government officials, energy sector leaders and members of the AETC Board of Directors to discuss advancing Africa’s energy sovereignty, innovation capacity and industrial transformation.
At the centre of the discussions was AETC’s agenda to reposition Africa from a consumer of imported energy technologies to a producer, innovator and exporter of sustainable energy solutions.
In her remarks, Akumah outlined the Centre’s long-term strategy to build an African energy economy driven by local innovation, entrepreneurship, intellectual property ownership and technology manufacturing.
“The future is not something we wait for. It is an architecture we build deliberately, courageously and sustainably,” Akumah said.
Under her leadership, the Africa Energy Technology Centre has emerged as a platform advocating African-led solutions to the continent’s energy challenges while creating opportunities for economic growth, job creation and technological independence.
The Centre also briefed President Mahama on the key initiatives underpinning its continental energy development strategy.
The Youth Energy Entrepreneurship and Incubation Programme (YEEIP) aims to empower young Africans as innovators, entrepreneurs and business leaders in the energy sector through specialised technical training, business incubation, mentorship and access to finance.
According to AETC, the initiative seeks to convert Africa’s youthful talent into competitive energy enterprises capable of driving the continent’s next generation of energy innovation.
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The Africa Smart Energy Technology and Innovation Hub is designed to establish Africa as a centre for energy technology research, development and intellectual property creation.
Meanwhile, the Ghana National Solar Prosumer Initiative seeks to expand decentralised renewable energy generation through rooftop solar installations and supportive net-metering policies. The initiative aims to enable households, businesses, educational institutions, healthcare facilities and public institutions to generate and consume their own electricity, easing pressure on the national grid while enhancing energy security and sustainability.
Presidential support for Africa Energy Technology Conference
President Mahama also endorsed the Africa Energy Technology Conference (AETC), the Centre’s flagship platform for energy innovation and investment.
Organised by the Africa Energy Technology Centre, the conference brings together heads of state, ministers, institutional investors, technology developers, researchers and development partners to promote intra-African energy trade, industrialisation and technological development.
The Centre described the presidential endorsement as a significant milestone that would strengthen its mission of advancing African-led solutions to the continent’s energy challenges and accelerate Africa’s energy transition agenda.
Speaking during the engagement, AETC leadership said the initiatives form part of a broader strategy to position Africa not merely as a participant in the global energy transition, but as one of its architects.
According to the Centre, the strategy focuses on expanding regional manufacturing capacity, strengthening collaborative innovation networks and supporting homegrown entrepreneurship to commercialise African-owned intellectual property in global markets.
Akumah said the Centre’s objective was to build an energy future that is “designed, built, owned and exported by Africans.”
She added that Africa should no longer be viewed as a passive consumer in the global energy transition but as a continent capable of becoming a leading producer and exporter of energy technologies, driven by African innovation, expertise and ownership.
Organised by the Africa Energy Technology Centre, the conference brings together heads of state, ministers, institutional investors, technology developers, researchers and development partners to promote intra-African energy trade, industrialisation and technological development.
The Centre described the presidential endorsement as a significant milestone that would strengthen its mission of advancing African-led solutions to the continent’s energy challenges and accelerate Africa’s energy transition agenda.
Speaking during the engagement, AETC leadership said the initiatives form part of a broader strategy to position Africa not merely as a participant in the global energy transition, but as one of its architects.
According to the Centre, the strategy focuses on expanding regional manufacturing capacity, strengthening collaborative innovation networks and supporting homegrown entrepreneurship to commercialise African-owned intellectual property in global markets.
Akumah said the Centre’s objective was to build an energy future that is “designed, built, owned and exported by Africans.”
She added that Africa should no longer be viewed as a passive consumer in the global energy transition but as a continent capable of becoming a leading producer and exporter of energy technologies, driven by African innovation, expertise and ownership. Oil Prices Rise After Iran Attacks Commercial Vessels
Crude oil prices rose on Wednesday, extending gains from earlier this week after the United States and Iran exchanged military strikes following Iran’s attacks on three commercial vessels off the Omani coast.
At the time of writing, Brent crude was trading at $78.37 a barrel, while U.S. West Texas Intermediate crude was at $74.30 a barrel.
The gains followed reports that Iran had struck three vessels near the Strait of Hormuz: a Qatari LNG carrier, a Saudi oil tanker and a Liberian-flagged oil tanker.
Iranian media said the LNG carrier had been struck after “ignoring repeated warnings.”
In response, the United States launched strikes on multiple targets in Iran, including “air defence systems, command and control networks, coastal radar sites, anti-ship missile capabilities, and more than 60 Islamic Revolutionary Guard Corps small boats in and near the strait to degrade Iran’s ability to continue attacking international commerce flowing through the international trade corridor,” U.S. Central Command (CENTCOM) said.
Iran retaliated by striking U.S. military bases in Bahrain and Kuwait, underscoring the fragility of the ceasefire agreed by the two sides last month.
Read Also: Ghana: Tema Oil Refinery, GNPC Hold Talks On Government Plan For Local Crude Allocation“The current conflagration is a reminder to the market of how fragile passage through the Strait still is,” MST Marquee Head of Research Saul Kavonic told Reuters.
“This presents a contrary indicator to the prevailing sentiment that the market could be flooded into oversupply, which may scare some of the record short positioning to cover,” he added.
Meanwhile, rhetoric between the United States and Iran remained tense. U.S. President Donald Trump earlier this week said the United States would either reach a deal with Iran or “finish the job.” Iran’s Foreign Minister Abbas Araghchi said negotiations on a final peace agreement “will not commence if threats continue.”
Ghana: Tema Oil Refinery, GNPC Hold Talks On Government Plan For Local Crude Allocation
The management of Tema Oil Refinery (TOR), led by Managing Director Edmond Kombat, and the Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC), Ntow Amoah, met on Monday to discuss the government’s plan to allocate locally produced crude oil to the refinery for processing.
Also present were TOR Deputy Managing Director Alhaji Mustapha B. Abubakar and his GNPC counterpart, Michael Aryeetey.
In a social media post, TOR said the discussions covered energy infrastructure, crude oil supply in line with the president’s vision and other strategic priorities to support the refinery’s long-term operations.
The refinery said the meeting provided an opportunity for the two state-owned entities to exchange views on developments in the energy sector and explore areas for closer collaboration to support a sustainable and competitive downstream petroleum industry.
Read Also:Russia: Ukrainian Drone Strike Shuts Largest Refinery As Fuel Shortages Deepen
“The engagement was another step in building the relationships needed to support the refinery’s long-term operations and a more sustainable energy value chain. It also ended on a positive note, with both entities expressing their readiness to work together to achieve their shared objectives,” TOR said.
In June, Sentuo Oil Refinery, a joint venture between the Government of Ghana and China’s Sentuo Group, received one million barrels of crude oil from Ghana’s Jubilee field for processing.
TOR is also expected to receive a similar consignment later this month.
The refinery said the meeting provided an opportunity for the two state-owned entities to exchange views on developments in the energy sector and explore areas for closer collaboration to support a sustainable and competitive downstream petroleum industry.
Read Also:Russia: Ukrainian Drone Strike Shuts Largest Refinery As Fuel Shortages Deepen
“The engagement was another step in building the relationships needed to support the refinery’s long-term operations and a more sustainable energy value chain. It also ended on a positive note, with both entities expressing their readiness to work together to achieve their shared objectives,” TOR said.
In June, Sentuo Oil Refinery, a joint venture between the Government of Ghana and China’s Sentuo Group, received one million barrels of crude oil from Ghana’s Jubilee field for processing.
TOR is also expected to receive a similar consignment later this month. Russia: Ukrainian Drone Strike Shuts Largest Refinery As Fuel Shortages Deepen
A Ukrainian drone strike has halted operations at Russia’s largest oil refinery, adding pressure to fuel supplies as Moscow grapples with shortages, according to a Reuters report cited by Oilprice.com.
The report said Gazprom Neft’s 440,000-barrel-per-day Omsk refinery suspended operations after the attack damaged key processing units.
The strike set fire to the CDU-10 crude distillation unit, which accounts for about 38% of the refinery’s processing capacity.
A second major unit, CDU-11, was also shut down after damage to supporting infrastructure, although it could return to service sooner, the report said.
The refinery also stopped offering gasoline and diesel on Russia’s St. Petersburg commodity exchange.
The disruption comes after Russia imposed restrictions on gasoline and jet fuel exports in response to tightening domestic fuel supplies.
President Vladimir Putin has acknowledged supply challenges, holding meetings with oil executives and ordering closer government monitoring of the fuel market.
The strike is the latest in Ukraine’s long-range drone campaign targeting Russia’s energy infrastructure. Omsk, located in western Siberia, is thousands of kilometres from the Ukrainian border.
The disruption has also affected countries that depend on Russian fuel exports. Uzbekistan has reported jet fuel shortages that have disrupted some flights, while Kazakhstan has explored fuel imports from China to help safeguard supplies.
Reuters also reported last week that Russia was preparing to import jet fuel from Asia, an unusual move for one of the world’s largest oil producers.
Zimbabwe: ZESA Partially Restores Power After Nationwide Blackout
Zimbabwe’s state-owned power utility, ZESA Holdings, said it had partially restored electricity supplies after a nationwide blackout caused by an electrical fault.
The outage occurred at about 1824 local time after a major fault on the Warren-Alaska 330-kilovolt transmission line.
ZESA said the fault led to the loss of interconnections with neighbouring regional utilities, while voltage instability and under-frequency conditions caused local power generation to trip offline.
In an update, the utility said power restoration began at 1901 local time, with electricity supplies partially restored by 2200 to most bulk supply points across the country.
ZESA said its technical teams were working to restore and synchronise the remaining generating units at Hwange Power Station and carry out repairs at Warren Substation, which supplies parts of the capital, Harare.
The utility apologised for the disruption and said efforts to fully restore electricity supplies were continuing.
ADNOC Distribution To Buy Shell South Africa Downstream Assets For About $1 Billion
Abu Dhabi National Oil Company (ADNOC) Distribution has agreed to acquire Shell Downstream South Africa (SDSA) from Shell South Africa Holdings in a deal with an implied enterprise value of about $1 billion (AED3.67 billion).
The acquisition includes SDSA’s network of 580 company-owned and dealer-operated fuel stations, as well as its wholesale fuel, aviation and lubricants businesses.
The enterprise value is subject to adjustments for net debt and working capital. The transaction is expected to close in 2027, subject to customary regulatory approvals and other closing conditions.
Following completion, a 28% stake in SDSA is expected to be transferred to a local empowerment partner and an employee stock ownership plan.
ADNOC Distribution will also enter into a long-term brand licensing agreement to retain the Shell brand across South Africa’s retail service stations and lubricants business.
The company said customers would continue to receive the existing Shell-branded experience under ADNOC Distribution’s ownership.
ADNOC Distribution also plans to appoint a local partner with experience in South Africa’s fuel retail sector, regulatory environment and operating requirements. The partnership will comply with South Africa’s Broad-Based Black Economic Empowerment legislation and focus on energy security, job creation and inclusive economic participation.
Chief Executive Officer Bader Saeed Al Lamki said the acquisition marked a major milestone in ADNOC Distribution’s international expansion strategy and reflected the company’s confidence in South Africa as a high-potential, well-regulated fuel retail market.
He said the deal would accelerate the company’s international expansion, diversify its portfolio and create sustainable long-term value for shareholders, partners, customers and communities.
ADNOC Distribution said South Africa’s fuel retail market offers attractive growth prospects, supported by investment in transport infrastructure and an expanding driving-age population.
It also cited the country’s transparent regulatory framework and fuel pricing mechanisms, which it said help protect margins from inflation and currency volatility.
The acquisition is expected to increase ADNOC Distribution’s earnings per share by about 6% in the first full year after the transaction closes. The company also expects the deal to generate an internal rate of return above its hurdle rate for the fuel and convenience retail business.
South Africa will become the fourth country in which ADNOC Distribution operates. The company acquired a 50% stake in TotalEnergies Marketing Egypt in 2023 and launched its fuel retail operations in Saudi Arabia in 2018.
Zimbabwe: Technical Fault Triggers Nationwide Power Outage
Zimbabwe was hit by a nationwide power outage on Monday evening after a technical fault on the country’s electricity network, state-owned utility ZESA Holdings said.
ZESA said the outage occurred at about 1824 hours and was caused by a technical fault on its transmission network.
The utility said its technical teams were investigating the cause of the outage while engineers worked to restore grid stability and electricity supply as quickly as possible.
“Restoration efforts are underway, and our engineers are working to restore grid stability and bring back power in the shortest possible time,” ZESA said in a brief statement share on its Facebook page.
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Zimbabwe, home to more than 17 million people, has an installed electricity generation capacity of about 2,962 megawatts (MW), but ageing infrastructure, drought-induced reductions in hydropower output and equipment failures often limit available generation to around 1,600 MW, forcing the country to import electricity from neighbouring Zambia and Mozambique and implement periodic load shedding.
The company said it would provide further updates as restoration efforts progressed and apologised for the inconvenience caused.
Nigeria: Downstream Regulator Seeks Lower Petrol Prices As Global Crude Oil Prices Fall
Nigeria’s downstream petroleum regulator said on Monday it would work with industry operators to ensure petrol prices reflect the recent decline in global crude oil prices, acknowledging that retail pump prices have yet to adjust to lower international market costs.
Speaking at a stakeholders’ meeting on cost-reflective pricing of Premium Motor Spirit (PMS) in Abuja, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Rabiu Umar, said the meeting was convened to address the gap between falling global crude prices and domestic petrol prices.
“Over the past six months, we have navigated considerable volatility in the international crude oil market. We watched prices surge due to heightened geopolitical tensions and global conflicts,” Umar said.
“Recently, we have witnessed a welcome easing of those tensions, which has driven a moderation in global crude oil prices. However, our domestic retail market has not yet adjusted to reflect these downward shifts.”
He said it was the regulator’s responsibility to examine market dynamics, identify operational bottlenecks and address the disconnect between declining replacement costs and sustained retail fuel prices.
Umar said President Bola Tinubu’s reforms had laid the foundation for a deregulated, competitive and investment-driven downstream petroleum market.
“But let me be clear: deregulation is not a licence for market distortion or unfair consumer pricing,” he said.
“It is intended to drive efficiency, maximise value and protect the public interest. Sustainable profitability for marketers and consumer welfare are not mutually exclusive.”
Umar said a similar engagement with stakeholders in the domestic gas sector two weeks earlier had resulted in a significant reduction in liquefied petroleum gas (LPG) prices, demonstrating the value of dialogue between regulators and industry operators.
He said the authority was committed to ensuring that the benefits of improved market conditions are passed on to consumers in a timely and fair manner.
The regulator is also focusing on strengthening market surveillance, improving inventory management and accelerating the operationalisation of the National Strategic Stock to enhance Nigeria’s energy security, Umar said.
He called on industry stakeholders to develop practical solutions that would sustain business viability while protecting consumers.