The Federal Government has resumed petrol importation, issuing new licences to marketers to address supply gaps linked to global disruptions, particularly tensions in the Middle East.
Despite earlier claims of self-sufficiency driven by local refining, authorities approved imports to stabilise the market and prevent shortages.
At the same time, the Dangote Refinery is facing challenges under the naira-for-crude arrangement, with reports of limited crude supply and foreign exchange losses affecting operations.
Industry stakeholders have urged the government to prioritise crude allocation to local refineries, noting that improved supply could help reduce fuel prices, stabilise the naira, and strengthen energy security.
Experts also warn that rising global oil prices and supply uncertainties could increase costs for consumers, with broader economic effects on transportation, businesses, and overall living expenses.
