The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has projected a near-term reduction in domestic gas prices, alongside improved stability in Nigeria’s upstream petroleum sector, following the appointment of Magnus Abe as chairman of the board of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
- +PETROAN sees gas prices easing as Magnus Abe takes helm at NUPRC
In a statement issued on Monday, the association said Abe’s leadership comes at a critical time when regulatory reforms and supply-side interventions are beginning to reshape the country’s gas market dynamics.
In a statement issued on Monday, the association said Abe’s leadership comes at a critical time when regulatory reforms and supply-side interventions are beginning to reshape the country’s gas market dynamics.
Billy Gillis-Harry, national president of PETROAN, described Abe’s appointment as a strategic move that could strengthen policy direction and investor confidence in the upstream segment.
He noted that Abe’s prior experience across the legislative and executive arms of government, as well as in the oil and gas industry, positions him to drive reforms that align with the objectives of the Petroleum Industry Act (PIA).
A key driver of the anticipated price moderation, according to PETROAN, is the deepening collaboration between the NUPRC and Nigeria LNG Limited (NLNG), particularly the latter’s commitment to channel 100 percent of its liquefied petroleum gas (LPG) output to the domestic market. This supply boost is expected to ease pressure on cooking gas prices and improve affordability for households.
The association said ongoing regulatory efforts to eliminate bottlenecks, improve ease of doing business and sustain stakeholder engagement would further enhance supply stability, insulating the domestic market from global energy price shocks driven by geopolitical tensions.
Industry-wide impact PETROAN noted that a more stable upstream environment would have multiplier effects across the petroleum value chain, including improved product availability, lower energy costs and increased job creation.
To consolidate these gains, the association urged the new NUPRC board to sustain reform momentum, accelerate gas infrastructure development and prioritise domestic gas utilisation to ensure long-term price stability.
The association also called for stronger coordination between the NUPRC and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to support the operationalisation of government-owned refineries, which it said would further boost gas sufficiency and energy security.
PETROAN reiterated its support for policies aimed at building a competitive and transparent petroleum industry, expressing confidence that Abe’s leadership would reinforce regulatory clarity and unlock growth in the upstream sector.
