BY NGOZI ONYEAKUSI

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has assured  that the prices of petrol, diesel, and Liquefied Petroleum Gas (LPG) will continue to decline nationwide,

The Chief Executive Officer, NMDPRA, Mr. Saidu Mohammed, stated this at the weekend in Ogbele Community, Ahoada East Local Government Area of Rivers State, during the inspection of facilities belonging to Aradel Holdings Plc. Mohammed, who attributed the expected price reduction to rising supply, increased competition, and sustained private-sector investment in the oil and gas sector, urged the private sector to pump between $30 billion and $50 billion into the midstream petroleum sector. Highlighting the expected reduction in energy prices, the NMDPRA boss said Nigerians were gradually moving towards affordable energy as improved supply continues to drive price stability. “The more supply we have, the lower the price. 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 has allowed market forces to function properly, leading to efficiency across the downstream sector.