FG has suspended petrol import licences again as local refineries meet Nigeria’s fuel demand.
NewsOnline Nigeria reports that the Federal Government has again suspended the issuance of petrol import licences as increasing local refining capacity continues to meet Nigeria’s domestic fuel demand.
The development was disclosed in a statement shared by Dada Olusegun, Special Assistant to the President on Social Media, via his X (formerly Twitter) handle on Wednesday.
ALSO: Tinubu Declares ‘I Am a Die-Hard Democrat,’ Reaffirms Commitment to Rule of Law and National Unity
According to the statement, the suspension has now lasted for two consecutive months, signalling the government’s renewed confidence in locally refined petroleum products.
“The Federal Government has suspended the issuance of petrol import licences for a second consecutive month as local refining capacity increasingly meets domestic demand,” the statement said.
The move, according to the presidency, reflects the government’s strategy to prioritise local production while strengthening Nigeria’s refining sector.
Officials also noted that the decision aligns with the provisions of the Petroleum Industry Act, which encourages the country to rely on domestic refining before approving petrol imports.
“The move signals the government’s push to enforce provisions of the Petroleum Industry Act (PIA), which allow imports only when domestic refining capacity falls short,” the statement added.
The policy is expected to boost Nigeria’s refining industry and reduce dependence on imported fuel as the country continues efforts to achieve energy self-sufficiency.
