TheDiggerNews
Ogbele, Rivers State: The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the prices of petrol, diesel, and Liquefied Petroleum Gas (LPG)—used widely for cooking, heating, and transportation—will continue to decline nationwide.
The agency emphasized that ongoing market adjustments and regulatory measures are driving the downward trend, offering relief to households and businesses nationwide.
The Authority’s Chief Executive, Mr Saidu Mohammed, said this on Sunday in Ogbele community, Ahoada East Local Government Area of Rivers. He made the statement during an inspection of Aradel Holdings Plc facilities.
Mohammed attributed the expected price reduction to three factors: rising supply, increased competition, and sustained private-sector investment in the oil and gas sector.
He said Nigerians are moving toward affordable energy as improved supply increases price stability.
“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,” he said.
Mohammed explained that removing fuel subsidy allowed market forces to function properly. This has improved efficiency across the downstream sector.
“Sustained competition, rather than subsidies, will guarantee an adequate supply of petrol and gas at affordable prices for Nigerians,” he added.
He stressed the need for more refineries with advanced capacity to produce diesel, fuel oil, naphtha, LPG, and petrol.
The NMDPRA chief said Nigeria aimed not only at local consumption but also at exporting petroleum products to Africa, Europe, and the Americas.
“However, domestic demand must first be adequately met by local operators before large-scale exports can commence,” he said.
Mohammed noted that President Bola Tinubu strongly supported a free-market economy. He recalled that subsidy removal was the President’s first major policy decision.
He explained that as a result, the policy unlocked private-sector participation and stimulated investment across the oil and gas value chain.
Furthermore, regarding state-owned refineries, Mohammed said their operational conditions remained largely the responsibility of the Nigerian National Petroleum Company Limited (NNPCL).
NMDPRA, he said, was engaging NNPCL to ensure the delivery of crude oil and petroleum products to the Port Harcourt and Warri refinery reserves.
He said resuming product delivery and loading will boost local economies and product distribution.
“Once product loading resumes, Nigerians will begin to feel the economic impact, even before full refinery operations,” he said.
Mohammed added that Nigeria’s economic growth depended heavily on the rapid expansion of locally owned midstream assets.
He said facilities inspected during his three-day tour across Rivers showed that Nigerians could design, finance, build, and operate world-class energy infrastructure.
He singled out Aradel Holdings, noting that the company had proven that Nigerians could efficiently operate a refinery sustainably without foreign operatorship.
Mohammed said Aradel’s expansion will enable petrol loading before the end of 2027.
Aradel has supplied gas to Nigeria Liquefied Natural Gas (NLNG) for about 13 years. It also operates an 11,000-barrels-per-day refinery.
“The company also runs a virtual gas pipeline. It produces compressed natural gas distributed across several parts of Nigeria,” he said.
He urged further investments in refining, noting that the Dangote Refinery alone could not meet domestic, continental, and global demand.
He described the midstream sector as Nigeria’s strongest driver of economic growth. It can stimulate manufacturing, power generation, transportation, and other productive sectors.
Mohammed gave the assurance that the NMDPRA would continue to provide regulatory incentives to attract large-scale investments into the midstream sector.
Responding, the Managing Director of Aradel Holdings, Mr Adegbite Falade, thanked NMDPRA for its regulatory support and for its confidence in operators.
Falade said the company remained committed to expanding refining capacity, commercialising gas, and eliminating routine gas flaring.
“We are not overwhelmed by rising demand, as the company is already expanding its refining capacity beyond current levels.
“Aradel aims to be part of the long-term solution to Nigeria’s energy supply challenges. Nigerians should expect continued scaling, local value addition, and prioritisation of domestic energy needs,” he said
