Nigeria should make locally refined petroleum products the backbone of its domestic fuel market, with imports reserved for bridging supply shortfalls, the Major Energies Marketers Association of Nigeria (MEMAN) has said.

The association’s Executive Secretary and Chief Executive Officer, Clement Isong, said the approach would strengthen supply security and shield the downstream petroleum sector from excessive exposure to global market disruptions.

Isong spoke on Thursday at MEMAN’s third-quarter press engagement, organised through its Industry Competency Centre in partnership with S&P Global Energy.

He said global market volatility underscored the need for a more resilient supply system built around domestic refining, flexible import arrangements and transparent pricing.

The association also called for clearer bulk supply terms, improved visibility of petroleum inventories and better coordination of storage and transportation to minimise supply disruptions.

Isong stressed that a competitive market must guarantee fair access to products, reliable market information and efficient regulation, alongside strict adherence to product quality, accurate measurement and customer service standards.

He commended the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for advances in product quality assurance, digital licensing, market data publication and efforts to promote fair competition.

According to him, effective market regulation should encourage competition, secure supplies and protect consumers without resorting to arbitrary price controls.

Meanwhile, S&P Global Energy representatives, Gary Clark and Matthew Tracey-Cook, highlighted how geopolitical tensions and refining disruptions have fuelled instability in global refined petroleum markets, particularly diesel and aviation fuel.

They advocated credible regional pricing benchmarks, including FOB West Africa and STS Lome assessments, to ensure petroleum prices better reflect trading conditions in West Africa.