The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) forecasts a near-term drop in domestic gas prices and greater stability in the upstream petroleum sector following the appointment of Magnus Abe as chairman of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
In a statement issued on Monday 4 May 2026, the association said Abe assumes leadership at a pivotal moment as regulatory reforms and supply interventions reshape Nigeria’s gas market.
Billy Gillis-Harry, national president of PETROAN, described the appointment as a strategic decision that strengthens policy direction and boosts investor confidence in the upstream segment.“
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),” Gillis-Harry stated.
The group highlighted deepening collaboration between NUPRC and Nigeria LNG Limited (NLNG) as a major factor for price relief. NLNG’s commitment to direct 100 percent of its liquefied petroleum gas (LPG) output to the domestic market is expected to ease pressure on cooking gas prices and enhance affordability for Nigerian households.
PETROAN noted that ongoing regulatory efforts aim to remove bottlenecks, improve the ease of doing business, and maintain stakeholder engagement.
These steps, it said, will promote supply stability and shield the local market from global energy price fluctuations caused by geopolitical tensions.
The association added that a stable upstream environment will create positive effects across the petroleum value chain.
These include better product availability, reduced energy costs, and more job opportunities.
To build on these gains, PETROAN urged the new NUPRC board to maintain reform momentum, speed up gas infrastructure projects, and prioritise domestic gas utilisation for sustained price stability.
The group also called for improved coordination between NUPRC and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to support the operation of government-owned refineries, thereby strengthening gas supply and energy security.
PETROAN reaffirmed its backing for policies that foster a competitive and transparent petroleum industry. The association expressed confidence that Abe’s leadership will enhance regulatory clarity and unlock further growth in the upstream sector.
