Energy Group Urges Tinubu to Reconsider Petrol Imports

The Energy Transparency Market Justice Initiative (ETMJI) has called on President Bola Ahmed Tinubu to reconsider the newly issued petrol import permits, emphasizing the potential negative economic consequences. Dr. Salako Kareem, the group's president, warned that this move could undermine Nigeria's efforts to enhance domestic refining capabilities and stabilize the economy.

The statement, released on a Sunday in Abuja, highlighted that Nigeria has struggled for decades with a paradox of being a major crude oil producer while heavily relying on imported refined products. Kareem noted that increasing petrol imports could pressure the country's foreign exchange reserves, especially as the government pursues challenging economic reforms aimed at stabilizing the naira.

The group also cautioned that excessive reliance on imported petrol could lead to the influx of substandard fuel, exacerbating quality control issues in Nigeria's downstream sector. They urged the government to ensure that short-term supply management does not compromise long-term objectives for the petroleum sector.