MEMAN calls for transparent petroleum pricing in Nigeria

The Major Energy Marketers Association of Nigeria (MEMAN) and S&P Global Energy have called for the establishment of a transparent, competitive, and resilient petroleum market in Nigeria. During a recent industry engagement, MEMAN leadership emphasized the need for credible pricing benchmarks and improved supply coordination to strengthen the domestic downstream framework.

Clement Isong, MEMAN Executive Secretary and CEO, argued against government-imposed price caps, stating they cause market distortions and hinder competitiveness. Instead, he advocated for a market-driven pricing regime that allows operators to manage volatility without arbitrary controls.

To improve supply security and distribution efficiency, Isong recommended prioritizing domestic refinery output while utilizing imports as a buffer to address supply gaps. Key priorities for strengthening the network include better inventory visibility, increased storage capacity, coordinated transportation, and clearer bulk supply arrangements regarding product access and delivery schedules.