FG Freezes Petrol Import Licences

The Federal Government has suspended the issuance of new petrol import licences as part of efforts to encourage local refining and reduce dependence on imported fuel.

Officials from the Nigerian Midstream and Downstream Petroleum Regulatory Authority confirmed that the decision is aimed at strengthening domestic refining capacity, especially with the expected increase in output from local refineries.

The government said the move will prioritise fuel supply from Nigerian refineries once they reach full production.

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Industry sources say the policy could significantly reduce foreign exchange demand, as fuel importation accounts for a large share of Nigeria’s dollar spending.

However, marketers have warned that the suspension must be handled carefully to avoid supply shortages.

Energy analysts say the decision signals a shift toward self-sufficiency in petroleum products following recent investments in refining.

The government insisted that existing import licences will remain valid but no new approvals will be granted for now.

Officials said the policy will be reviewed periodically depending on local supply levels.

The Federal Government maintained that the goal is to stabilise fuel prices, strengthen the naira and support local industry.