It is apparent that recent developments which threatened supply disruptions and witnessed price hikes have necessitated new policies to ensure energy security and forestall arbitrary price-fixing by operators in Nigeria.

Consequently, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has unveiled draft regulations capable of prohibiting petroleum companies from fixing fuel prices, restricting product supply, sharing markets or coordinating commercial decisions capable of distorting competition across Nigeria’s midstream and downstream petroleum industry.

The proposed Midstream and Downstream Petroleum Prevention of Anti-Competitive Practices and Behaviour Regulations, 2026, seek to dismantle anti-competitive conduct ranging from pump price coordination and artificial scarcity to bid rigging, customer allocation, exclusive supply arrangements and the exchange of commercially sensitive information among competitors.

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The move comes amid renewed concerns over pricing practices in the downstream petroleum sector following allegations by independent marketers in July that some major fuel importers were selling imported Premium Motor Spirit (PMS) at coordinated prices significantly above those of Nigeria’s major refiner, the Dangote Petroleum Refinery and Petrochemicals (DPRP).

This was detailed in a public notice on Thursday, made available on its official X handle.

The NMDPRA invited licensees, permit holders and other stakeholders to submit comments on the proposed regulations within 21 days, in compliance with Section 216(1) of the Petroleum Industry Act (PIA) 2021, which requires stakeholder consultation before regulations are finalised.

The notice, signed by the Authority’s Chief Executive, Rabiu A. Umar, stated that stakeholders could review the draft regulations on the Authority’s website and submit observations before the consultation period closes.

It added that a stakeholders’ consultation forum on the proposed regulations would be held on September 22, 2026, at the Authority’s headquarters in Abuja.

The notice read in part, “In compliance with Section 216(1) of the Petroleum Industry Act 2021 requiring consultation with stakeholders before the finalisation of Regulations, the Nigerian Midstream and Downstream Petroleum Regulatory Authority hereby invites licensees, permit holders and other stakeholders to make submissions within twenty-one (21) days from the date of this publication in respect of the proposed Midstream and Downstream Petroleum Prevention of Anti-Competitive Practices and Behaviour Regulations.”

It added, “Stakeholders are enjoined to visit the Authority’s website to review the proposed Regulations. All submissions are to be made using the format accessible on the Authority’s website and must be received not later than 21 days from the date of this notice.”

Under Part IV, titled Collusive Agreements and Anti-Competitive Coordination, the draft regulations prohibit petroleum companies from entering into formal or informal agreements designed to influence prices, allocate markets or manipulate commercial outcomes.

The draft states, “No licensee, market participant, or group of undertakings in the midstream or downstream petroleum sector shall enter into any agreement, arrangement, understanding, or concerted practice, whether formal or informal, written or oral, explicit or tacit, that has the object or effect of preventing, restricting, or distorting competition.”

The regulations specifically identify price-fixing or coordinated pricing behaviour as prohibited conduct.

According to the draft, “Price-Fixing or Coordinated Pricing Behaviour, agreeing, aligning, or coordinating prices or any pricing element, including pump prices, ex-depot prices, margins, discounts, surcharges, freight/delivery charges, or pricing formulas/benchmarks,” shall be prohibited.

Upon approval of the draft policy, petroleum companies would no longer be permitted to coordinate pump prices, ex-depot prices, freight charges, discounts, pricing benchmarks or other commercial elements that could influence retail fuel prices.

The proposed framework also bans market allocation arrangements, where competitors divide customers, geographical territories, product lines or supply areas among themselves instead of competing freely.

Similarly, companies would be prohibited from engaging in bid rigging or collusive tendering, practices that undermine transparency and competition during procurement processes.

The Authority is also proposing stringent measures against collective supply restrictions capable of creating fuel shortages or manipulating market prices.

The draft regulations prohibit competitors from jointly reducing production volumes, petroleum imports, throughput or product supply to create artificial scarcity or influence prices.

The proposal also extends to tacit collusion, where competitors avoid direct agreements but signal future pricing intentions or strategic commercial decisions through public statements, trade associations or indirect channels.

The regulations prohibit the exchange of commercially sensitive information, including future pricing plans, production schedules, customer lists, marketing strategies and bidding intentions where such disclosures could reduce competition.

Such provisions are designed to prevent companies from coordinating behaviour without signing formal agreements, a practice competition regulators across several jurisdictions increasingly monitor.

The Authority is equally seeking to curb restrictive commercial arrangements that could limit market access for smaller operators.

The latest proposal represents another major regulatory intervention by the NMDPRA since the implementation of the PIA.

If adopted after stakeholder consultations, the new regulations would provide the Authority with a comprehensive legal framework to investigate and sanction anti-competitive conduct in Nigeria’s midstream and downstream petroleum sectors, reinforcing the competition provisions introduced under the PIA and promoting a more transparent, efficient and consumer-oriented fuel market.

Nigeria’s President, Bola Ahmed Tinubu has commended his team of economic strategists for playing a pivotal role in stabilising the economy, which led to the rebound of the stock market in recent years.

He bared his mind on Thursday, while receiving the Board and Management of the Nigerian Exchange Group (NGX) at the State House, Abuja, led by its Chairman, Dr Umaru Kwairanga, and Group Managing Director and Chief Executive Officer, Temi Popoola.

He also lauded the NGX for the stabilisation of the economy and disclosed that the Nigerian National Petroleum Company Limited (NNPC Ltd) would be reformed and listed on the capital market as part of ongoing efforts to deepen investment opportunities for Nigerians.

The NGX leadership informed the president that the capital market rebound from N30tn in 2023 to N160tn today.

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Special Adviser to the President on Information and Strategy, Bayo Onanuga, revealed details of the engagement in a statement he signed Thursday titled ‘President Tinubu commends economic team and NGX for stabilising the economy, and the rebound of the stock market.’

Tinubu commended members of his Economic Management Team present, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele; the Minister of Budget and National Planning, Atiku Bagudu; the Central Bank Governor, Yemi Cardoso; and the Chairman and Chief Executive of the National Revenue Service, Dr Zacch Adedeji, for what he described as their foresight, dedication and diligence.

The President said, “I can see the excitement in the room. All I can do is to celebrate you all today. When we took over, it was very challenging. I had to talk to myself and define my background to accept the assets and liabilities of my predecessor. I asked for the job, and I have to do it”.

He cited the Central Bank Governor, recalling the state of monetary policy at the start of the administration. According to the President, “My capable partner in one of the thinking and reasoning days was Yemi Cardoso, whom I put at CBN. We were in the negative with monetary policy and the reserve. We had N30tn printed, and there were liabilities. I thank you very much, Yemi Cardoso.”

He framed the stock market’s performance as a broader signal of national progress. “If the stock market is doing well, then we are doing well. We can teach this in classrooms to our undergraduates. If they can be in the classroom without the harrowing feeling of how to pay and what to pay, then we can build a nation of success and prosperity. My assurance to you is that I won’t stop reading, thinking and supporting you,” he said.

On the role of the private sector, the President cited his early support for Aliko Dangote’s refinery ambitions as an example of the kind of investment partnership he believed Nigeria needed.

“If we can push the private sector to invest in the economy wisely, then we will grow. It is one reason why I backed Aliko Dangote even before I became President. God bless the soul of Muhammadu Buhari. We discussed how we can support the private sector to go into the refinery business,” Tinubu said.

He reaffirmed that the administration’s target of a one-trillion-dollar economy remained achievable given Nigeria’s population and human capital, and disclosed plans to list the NNPC on the capital market as part of the broader reform agenda.

In his remarks, Oyedele told the President that the stock market’s growth over the past three years, driven by economic reforms, had made Nigeria’s capital market the best performing in the world. “The capital market is one of the fastest ways to create wealth for millions of Nigerians,” he said, noting ongoing work with the Securities and Exchange Commission to attract more young Nigerians into the market.

He drew a contrast between the current pattern of youth investment behaviour and the opportunity the market represented. “Many of our young people invest their money in virtual assets and gambling, whereas you can make more money from the capital market,” Oyedele said, urging that the listing process be simplified to favour broader participation, and challenging the NGX and SEC to set a target of growing the market to one trillion dollars.

On his part, the NGX Chairman, Kwairanga, said the exchange’s turnaround reflected the impact of the administration’s economic reforms and expressed confidence that the one-trillion-dollar target was within reach. He said, “We believe the one trillion-dollar economy is achievable. We have the capacity. We have the resources. We have the material and human resources to reach the one trillion dollars even before 2030 with your support.”

Kwairanga recounted a recent engagement in London where international observers sought to understand Nigeria’s rapid market turnaround. “We were at the London Stock Exchange last week, and I was part of a panel. The facilitator asked me what Nigeria is doing that you have turned the NGX around within the shortest possible time. I told them it is because of the leadership of President Bola Ahmed Tinubu, that we have a President that is not only a politician but a businessman,” he said.

In his remarks, NGX CEO, Temi Popoola said, “The picture today is that when you took office in 2023, the total value of stocks listed in Nigeria was just shy of N30tn. Today, Mr President, that figure is N160tn. By the end of this year, with the listings we are seeing in our market, we expect that figure to rise to N230 trillion,” he said.

On the All-Share Index, he said, “When you took office, Mr President, that figure was 52,000. Today that figure is 244,000. As a matter of fact, when we reached 100,000, we didn’t know how to calculate it anymore because it is not something we are used to seeing.”

He estimated the wealth impact of the market’s growth on ordinary Nigerians, saying, “Tied to all this is a lot of wealth that has been created for many people. We don’t have exact figures, but we estimate that about 500,000 to 900,000 millionaires have been created as a result of reforms.”

Popoola added that other African markets were now looking to Nigeria as a model.

NRS Chairman Adedeji told the President that the impact of the reforms was now globally recognised. He said, “What we know privately is now globally known: the greatest gift to this Republic is Mr President. Every good thing starts and ends with good leadership.

“The first tax law in Nigeria was done in 1923. From that period until the President came into office, nobody has done anything to review the laws, neither the colonial nor the military administrations. It takes Mr President’s courage and patriotism to focus and face this headlong, not minding politics.”

He also credited the removal of the fuel subsidy as the foundational reform underpinning the broader turnaround.

“The removal of subsidy is the foundation that corrected the distortion that affected the country in the last 40 years. The courage to remove it in less than one hour after taking the oath of office is the bedrock, background and fundamental of the changes we are seeing,” he said.

CBN Governor, Cardoso, told the President that the banking sector recapitalisation exercise, though initially met with widespread doubt, had been executed successfully and was funded predominantly by domestic capital.

“A lot of people didn’t think it was possible, and now it was done very successfully and, like we found out, close to 75 per cent was domestic resources. In the past it was the other way around,” said Cardoso, describing the outcome as a demonstration of renewed confidence in Nigeria’s financial system.

• Accounts for 20% of Europe’s jet fuel imports, reinforcing its position as a major force in global aviation fuel trade

The Dangote Petroleum Refinery & Petrochemicals (DPRP) has strengthened its position as a global supplier of premium aviation fuel after emerging as Europe’s largest jet fuel supplier for the second consecutive month, overtaking the United States and underscoring its growing influence on international energy markets.

Latest European import data compiled by global commodities intelligence firm Kpler show that more than 400,000 tonnes of jet fuel produced by the 700,000 barrels per day Dangote Petroleum Refinery were delivered into Europe in July, accounting for approximately 20 percent of the continent’s total jet fuel imports during the month.

The performance follows a record 466,000 tonnes exported to Europe in June, when Nigeria first displaced the United States as the region’s leading supplier of imported jet fuel.

The sustained export performance marks a significant milestone for the refinery, demonstrating its ability to consistently supply one of the world’s most demanding fuel markets with aviation fuel that meets stringent international quality specifications.

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Europe imported approximately 2.06 million tonnes of jet fuel in July, with Dangote accounting for the single largest share of those imports, ahead of traditional suppliers from the United States and the Middle East.

Industry observers say the refinery is rapidly reshaping established Atlantic Basin fuel trade flows by offering a competitive alternative to long standing suppliers. While European buyers have traditionally relied on refiners in the United States, the Middle East and Asia, Dangote’s strategic location on Nigeria’s Atlantic coast, combined with its scale, modern technology and export capability, has enabled it to become an increasingly important source of aviation fuel for European markets.

The refinery’s export momentum has been supported by steadily rising production. Jet fuel loadings at Dangote’s Lekki export terminal reached a record 550,000 tonnes in June, while crude deliveries to the refinery climbed to an all time high of 660,000 barrels per day, providing the throughput required to sustain growing exports of refined petroleum products to international markets.

The latest figures come at a time of shifting global energy flows. Although Europe received limited volumes of jet fuel from Kuwait, the United Arab Emirates and Oman in July, market disruptions around the Strait of Hormuz and evolving geopolitical dynamics have encouraged buyers to diversify supply sources. Against this backdrop, Dangote Refinery has emerged as a reliable and competitive supplier, reinforcing Nigeria’s growing importance in global refined products trade.

“Beyond aviation fuel, the refinery has continued to expand exports of diesel, gasoline and other refined petroleum products to destinations across Europe, Africa and other international markets, further strengthening Nigeria’s position as a net exporter of high value petroleum products,” noted David Bird, MD/CEO, DPRP