The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), yesterday said the prices of petrol, diesel and Liquefied Petroleum Gas (LPG) would continue to decline nationwide.

The Authority’s Chief Executive, Mr Saidu Mohammed, stated this yesterday in Ogbele community, Ahoada East Local Government Area of Rivers State, during an inspection of Aradel Holdings Plc facilities.

Mohammed attributed the expected price reduction to rising supply, increased competition and sustained private sector investments in the oil and gas sector. According to him, Nigerians are gradually moving towards affordable energy as improved supply continues to drive 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 the removal of fuel subsidy had allowed market forces to function properly, improving efficiency across the downstream sector.

“Sustained competition, rather than subsidies, will guaranty adequate supply of petrol and gas at affordable prices for Nigerians,” he added. He stressed the need for additional refineries with advanced conversion capacity to produce diesel, fuel oil, naphtha, LPG and petrol. The NMDPRA chief said Nigeria’s ambition extended beyond local consumption to 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, recalling that subsidy removal was the President’s first major policy decision. According to him, the policy unlocked private sector participation and stimulated investments across the oil and gas value chain.