The development, which was carried out through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, will allow six oil marketing companies to import about 720,000 metric tons of Premium Motor Spirit, popularly known as petrol.
According to reports, the decision marks a noticeable shift from the government’s recent emphasis on local refining, particularly the growing role of the Dangote Refinery in supplying the domestic market.
The beneficiaries of the newly approved import licences include major marketers such as NIPCO, AA Rano, Matrix Energy Group, Shafa Energy, Pinnacle Oil and Gas, and Bono Energy.
Allocation details showed that NIPCO is expected to import 120,000 metric tons of petrol, while AA Rano and Matrix were each allocated 150,000 metric tons. Shafa and Pinnacle received approval for 120,000 metric tons each, while Bono was allocated 60,000 metric tons, bringing the total approved volume to 720,000 metric tons.
Although the regulatory authority has yet to officially explain the reason behind the renewed approvals, the move has already generated debate among industry stakeholders, especially amid repeated assurances from Dangote Refinery regarding its production capacity.
The refinery, which has a production capacity of 650,000 barrels per day, has consistently maintained that it can adequately meet Nigeria’s local fuel demand. Recent industry data released by the NMDPRA reportedly indicated that the refinery currently accounts for about 90 per cent of the nation’s daily petrol consumption.
The latest decision has therefore sparked concerns among analysts and stakeholders who fear that increased importation could undermine local refining efforts and affect long-term investments in domestic production capacity. Others, however, believe the government may be attempting to maintain market stability, guarantee supply sufficiency, and prevent possible shortages.
The development also comes shortly after President Bola Ahmed Tinubu approved changes in the leadership of the petroleum regulatory authority.
Last week, the President appointed Rabiu Abdullahi Umar as the new Chief Executive Officer of the NMDPRA following the removal of Saidu Mohammed, who was reportedly relieved of his duties while on an official assignment in Germany.
Industry observers are now watching closely to see how the renewed import approvals will affect fuel pricing, local refinery operations, and the broader dynamics of Nigeria’s downstream petroleum sector in the coming months.