World Bank Clarifies Fuel Import Stance Amid Backlash
• Punch Newspapers • Business
The World Bank Group issued a clarification regarding its recommendation to allow the import of premium motor spirit (petrol) in Nigeria, following criticism from social media activists, including Dan Bello. This recommendation was part of the April 2026 report released on April 7, which suggested that allowing imports is necessary due to current global energy supply disruptions. The World Bank emphasized that its position is not a blanket endorsement of fuel imports but is part of a broader strategy aimed at market reform and consumer protection. The statement highlighted the need for careful management to avoid undermining national energy security, especially amid ongoing geopolitical tensions affecting global supply chains. The World Bank acknowledged Nigeria's efforts to stabilize fuel supply, particularly in light of recent reforms to boost domestic refining capacity. The report noted that the cost of imported petrol is approximately 12% cheaper than domestically refined petrol, reflecting distortions in the local price structure amid rising global crude prices.
Topics: Economy, Oil and Gas