Petroleum regulators across West Africa have been urged to adopt digital market intelligence platforms to improve transparency, price discovery, and access to real-time information in the downstream oil market. This call was made by Jeremiah Olatide, CEO of Petroleumprice.ng, at the Owari Executive Market Intelligence Forum 2026 in Lagos. The forum brought together industry stakeholders to discuss the role of data, technology, and collaboration in improving petroleum trading across West Africa.
Olatide emphasized the importance of digital market intelligence in the petroleum market, citing the need for accurate and timely information to prevent significant financial losses due to misinformation. He explained that digital platforms can bring together data that traders can use in their day-to-day operations, addressing the lack of transparency and real-time information in the market. Olatide also noted that market intelligence platforms should not only provide raw figures but also help users interpret the information and understand the factors behind petroleum prices.
The petroleum market in West Africa continues to evolve, with participants requiring a better understanding of prices and the factors driving them. Olatide highlighted that while domestic petroleum prices are denominated in naira, wholesale transactions are linked to dollar-denominated costs, making proper interpretation of market data crucial for traders. He cited the example of platforms like Owari, which provide information on factors affecting landing and refining costs, enabling traders to make informed decisions.
The Owari forum was established to address the difficulty of obtaining reliable information on developments in coastal West African petroleum markets. Joe Leigh, founder of Owari, noted that information on the market is available but scattered across different sources, making it difficult for traders and other industry participants to access it quickly. Owari provides information covering different aspects of physical oil trading, including prices and stock levels, and generates data that can be applied to trading decisions.
Oluwatobi Jimoh, a trading manager at Ardova Plc, emphasized the need for access to real-time stock information to help petroleum traders identify opportunities and make better decisions. He cited the importance of understanding available supplies before committing cargoes and called for greater infrastructure integration across the region, particularly pipelines linking ports and landlocked markets. Jimoh stressed the need for collaboration among regulators, market participants, and data providers to drive policy and market intelligence development.
Matthew Dowty of Marex noted that data is one of three key pillars required for effective trading, alongside networks and risk management. He emphasized that access to timely market data can provide traders with an advantage, but warned that data alone is insufficient without appropriate risk management. Dowty also backed efforts to strengthen price discovery across African markets, saying the development of regional benchmarks and live market curves could help improve pricing transparency.
The discussions at the Owari forum highlighted the growing need for reliable market information across West Africa. Industry stakeholders emphasized the importance of collaboration and the adoption of digital market intelligence platforms to improve transparency and price discovery in the petroleum market. The forum brought together professionals involved in petroleum trading, market intelligence, commodities, and downstream operations, demonstrating the interest in addressing the challenges in the West African petroleum market.
Key points
- Regulators urged to adopt digital market intelligence platforms
- Need for transparency and real-time information in petroleum market
- Collaboration among regulators, market participants, and data providers essential
