The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that prices of petrol, diesel, and Liquefied Petroleum Gas (LPG) are set to continue declining nationwide. The authority attributed the trend to rising supply, increased competition, and sustained private-sector investment in the oil and gas sector.
Mr. Saidu Mohammed, NMDPRA CEO, made the statement during an inspection of Aradel Holdings Plc facilities in Ogbele Community, Rivers State. He noted that the removal of fuel subsidies has allowed market forces to operate efficiently, driving down costs. Petrol, for instance, has fallen from about N1,000 to N800 per litre due to competition.
Mohammed called for $30–50 billion in private-sector investment in the midstream petroleum sector to expand refining capacity, produce LPG, diesel, fuel oil, and petrol, and enable eventual export to Africa, Europe, and the Americas. He emphasized that domestic demand must first be met before large-scale exports.
He also assessed state-owned refineries, noting that the Nigerian National Petroleum Company Limited is responsible for operations and crude delivery. Improved supply to Port Harcourt and Warri refineries is expected to boost local economies and product distribution in host communities.
Highlighting private-sector capacity, Mohammed praised Aradel Holdings for building and operating world-class facilities sustainably without foreign operators. The company currently runs an 11,000-barrel-per-day refinery and a virtual gas pipeline supplying compressed natural gas across Nigeria. Managing Director Adegbite Falade confirmed ongoing expansion plans to meet rising demand and improve energy security.
Mohammed reiterated that sustained competition, rather than subsidies, is key to ensuring affordable, stable energy for Nigerians. The expansion of midstream assets, he said, will drive economic growth and support critical sectors such as manufacturing, power generation, and transportation.
NMDPRA’s outlook signals optimism for energy stability, local investment, and long-term national growth in Nigeria’s petroleum sector.
I cant believe gas prices are still dropping! Time for a road trip, anyone? Fill er up and lets hit the road! 🚗💨
I cant believe gas prices are dropping again! Time to plan that road trip weve been talking about, right? 🚗💨
Wow, can we trust these projections? Prices are always fluctuating, so who really knows what will happen next? #JustSaying 🤔📉
I cant believe petrol prices are still dropping! Time for a road trip, anyone? Lets take advantage while we can! 🚗💨
I cant believe gas prices keep dropping! Should we expect cheaper road trips or are there hidden consequences? Lets discuss!
Wow, with fuel prices dropping, are we finally going to see cheaper groceries too? Maybe my wallet will get a break!
I cant believe some people are still complaining about gas prices dropping. Its a win for everyone! Fill up those tanks! 🚗💸