The Major Energy Marketers Association of Nigeria (MEMAN) held a webinar on November 27, 2024, focused on “Fuel Pricing,” shedding light on critical industry trends and strategies to promote transparency and stability in the energy sector.
The event began with a presentation by Mr. James Gooder, Vice President of Crude Oil at Argus Media, titled “Market Trends, Transparency, and Fair Pricing.” Gooder delved into the dynamics of PMS cost determination, emphasizing the importance of logistics and pricing parameters. He highlighted the potential for infrastructure upgrades, such as deeper jetties and larger vessels, to lower logistics costs, ultimately benefiting the end consumer. Gooder also analyzed the influence of crude oil prices and exchange rates on PMS landed costs, commending MEMAN’s adoption of average pricing models to mitigate market volatility.
In the second session, Mrs. Ogechi Nkwoji, Head of Economic Intelligence, Research, and Regulation at MEMAN, presented on behalf of the CEO. Nkwoji provided a detailed examination of the factors influencing petroleum product delivery costs across Nigeria, including operational challenges and pricing components. She emphasized MEMAN’s commitment to fostering market stability and enhancing consumer trust through transparent practices.
During the webinar, it was disclosed that between Week 38 and Week 47 of 2024, MEMAN members had loaded over 251.7 million litres of PMS from the Dangote Refinery. This included 148.4 million litres transported by trucks from the gantry and 103.3 million litres delivered to Apapa depots via vessels, with ongoing operations ensuring consistent supply.
Moderated by MEMAN’s Industry Analyst, Mrs. Vanessa Durojaiye, the event facilitated robust discussions on the energy sector’s pricing framework and reaffirmed MEMAN’s dedication to transparent and fair market practices.
The webinar, attended by industry stakeholders and analysts, underscored MEMAN’s proactive role in addressing challenges in the energy market while prioritizing consumer confidence and market stability.