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FG Lifts Petrol Import Ban as Nigeria Approves New Licences Amid Supply Concerns

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FG lifts petrol import ban in Nigeria, granting new licences to marketers to address fuel supply shortages amid Middle East crisis and rising demand

The Federal Government has lifted its restriction on petrol importation, approving new licences for oil marketers in a move aimed at addressing emerging fuel supply challenges across the country.

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The petrol import ban Nigeria lifted decision comes amid concerns over disruptions in global supply chains linked to geopolitical tensions in the Middle East, which have impacted fuel availability.

Also read: FG to Deploy Youths, Retired Soldiers in Nationwide Demining Operations

According to reports, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued import licences covering approximately 180,000 metric tonnes of Premium Motor Spirit (petrol) to selected marketers. The development marks a shift from earlier policy positions that had temporarily suspended import permits.

The approved marketers include Bono Energy, Pinnacle, AYM Shafa, Matrix, A.A. Rano, and Nipco, each expected to import about 30,000 metric tonnes of petrol.

Collectively, the imports are projected to add hundreds of millions of litres to national supply, helping to stabilize the downstream market.

The regulator had previously halted petrol import licences earlier in the year, citing improved domestic refining capacity as local production appeared sufficient to meet national demand.

At the time, officials indicated that imports were no longer necessary due to increased output from domestic refineries.

However, the recent global developments prompted a reassessment of supply needs, leading to the reintroduction of import permits as a short-term measure to bridge gaps in distribution and availability.

Industry analysts note that while domestic refining has improved, Nigeria still faces challenges in maintaining consistent fuel supply across all regions.

The temporary reliance on imports is seen as a balancing mechanism to prevent shortages and price volatility.

Energy experts also suggest that maintaining a mix of local production and limited imports could help stabilize the market, especially during periods of global supply uncertainty.

They caution that disruptions in international crude or refined product supply chains can quickly impact domestic availability.

In addition to supply concerns, stakeholders continue to monitor pricing trends at the pump, as fluctuations in global oil markets, exchange rates, and logistics costs influence retail fuel prices across the country.

Also read: FG Launches Nationwide School Internet Connectivity Initiative

The Federal Government’s latest move reflects a pragmatic approach to managing fuel supply in a complex and evolving energy landscape, balancing the push for domestic refining with the realities of global market dependencies.

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CAN Demands Urgent Investigation into Video Threatening Christians

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CAN demands a probe of a viral video threatening Christians in Enugu and Jos, urging security agencies to identify those involved and ensure accountability (more…)

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NSCDC Panel Finds 37 Miners Died of Suffocation

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An investigative panel says 37 miners died of suffocation in NSCDC custody in Niger State and recommends compensation and disciplinary action (more…)

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Tinubu Knows Food Prices, Presidential Aide Says Amid Hardship

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Tinubu food prices are monitored through regular briefings, presidential aide Abiodun Essiet says, as Nigerians continue to face cost-of-living pressures

President Bola Tinubu is aware of the prices of everyday food items, including eggs and bread, and receives regular briefings on the economic challenges facing Nigerians, the Senior Special Assistant to the President on Community Engagement for the North-Central region, Dr Abiodun Essiet, has said.

Also read:FG Urges Investment in Youth, SMEs and Local Industries to Grow Economy

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Essiet made the remarks while speaking to State House correspondents at the Presidential Villa in Abuja on Tuesday, dismissing suggestions that journalists were the only people who understood the hardship experienced by ordinary Nigerians.

She also serves as the President’s representative for the North Central Citizens’ Assembly.

“I don’t feel it’s only media people who understand what the people are facing. Some of the reality of what our people are facing is what we are communicating to Mr President,” she said.

Essiet added that the President and members of the Federal Executive Council were regularly informed about the cost of basic commodities and the challenges confronting households.

“I usually tell people, you think Mr President doesn’t know the price of egg or bread in the market? He does, because we brief him regularly, and so do members of the Federal Executive Council,” she said.

The presidential aide also highlighted infrastructure development as a key component of the administration’s agenda, citing public reactions during a visit to a section of the Mokwa-Bida road in Niger State.

According to her, residents turned out in large numbers during the visit because of longstanding concerns about the condition of the road and calls for its rehabilitation.

“Yes, infrastructure is the bedrock of any development. When we went to the Mokwa-Bida road, come and see the crowd, because that is the road that people have been calling for Mr President to address,” she said.

Essiet claimed that the road had last been awarded for construction 46 years ago and highlighted the dangers motorists and other road users faced while navigating the route.

“Do you know how many people have died trying to manoeuvre that road? Trailers have had accidents trying to manoeuvre that road,” she added.

She said Tinubu had directed that the road be reconstructed using reinforced concrete rather than conventional asphalt, with the aim of improving its durability.

“Mr President said they should award the contract and make sure that the contract will be reinforced concrete, not just asphalt,” Essiet stated.

Her comments come amid continued public concern over food affordability and the cost of living.

On October 19, Vice President Kashim Shettima expressed optimism that food prices would decline in the coming weeks as the administration responds to challenges affecting agriculture.

Shettima made the statement at a forum titled “Together till 2027: An Evening with Original City Boy”, organised by the City Boy Movement alongside the Relax-Tinubu-Is-Fixing-Nigeria movement, groups supporting the President’s re-election bid.

Also read:FG Urges Investment in Youth, SMEs and Local Industries to Grow Economy

Essiet was appointed Senior Special Assistant to the President on Community Engagement for the North-Central region in 2024.

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