In a significant development, President Bola Ahmed Tinubu has addressed longstanding challenges affecting Nigeria’s refineries, which were previously hampered by a combination of spiritual and leadership issues. The move is expected to result in a nationwide reduction in the prices of petroleum products.
Speaking on the matter, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Farouk Ahmed, highlighted the positive outcomes of the president’s intervention
“Products will be available nationwide. What is important is that there is now competition and there is a choice, and we will see the prices of the products come down,” Ahmed stated.
The reforms are seen as a major step towards ensuring consistent availability of petroleum products across the country and promoting healthy competition within the sector. Observers have noted that these developments could signal a new era for Nigeria’s energy industry, which has long struggled with inefficiencies and high costs.
More details are expected as the measures take effect in the coming weeks.
