Energy Policy Group Urges Tinubu to Rethink Petrol Imports

The Energy Policy Group, led by Dr. Salako Kareem, has urged President Bola Ahmed Tinubu to reconsider the recently issued permits allowing petrol imports into Nigeria. The group warns that this move could undermine the country's efforts to enhance domestic refining capabilities and stabilize the economy.

In a statement released on Sunday in Abuja, they highlighted that Nigeria has spent decades trying to overcome its reliance on imported refined petroleum products. The group expressed concern that increasing petrol imports could lead to additional pressure on the nation's foreign exchange reserves, particularly as the government pursues challenging economic reforms aimed at stabilizing the naira.

They noted that excessive reliance on imported petrol could also result in the influx of substandard fuel into the Nigerian market, which has historically struggled with quality control issues. The group emphasized the need for a regulatory framework that supports local refining and strengthens the domestic supply chain.