Nigeria Lifts Petrol Import Ban Amid Supply Concerns

The Federal Government of Nigeria has lifted its ban on petrol imports, granting six new licenses to oil market players in response to supply disruptions caused by ongoing crises in the Middle East. This decision is part of Nigeria's recent policy aimed at reducing reliance on imported fuel and improving domestic refining capacity.

According to a report from S&P Global, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued licenses for the importation of 180,000 metric tons of petrol. The companies granted these licenses include Bono Energy, Pinnacle, Aym Shafa, Matrix, and Rano Nipco, with expectations to import approximately 30,000 metric tons, totaling around 243 million liters by March 11.

Previously, on February 26, the NMDPRA announced a suspension of petrol import licenses, citing improvements in domestic production levels. However, the Chief Executive Officer of petroleumpric.ng, Jeremiah Olatid, confirmed that new import permits are necessary to stabilize the market amidst ongoing challenges.