FG Reopens Fuel Imports Amid Middle East Tensions as Dangote Reports FX Losses

The Federal Government has lifted its petrol import ban and granted six new licences to local marketers. This move aims to bridge a sudden supply gap triggered by geopolitical tensions in the Middle East. Dangote Petroleum Refinery says its naira-for-crude arrangement has eroded potential foreign‐exchange earnings. Executives warn that supplying more refined products domestically has cut into export revenue. Industry players are urging the FG to boost crude allocation to Dangote and other local refineries. They argue that stable feedstock supply will shield Nigeria from future fuel shortages and help stabilise pump prices. Experts also call for a fair domestic pricing model and strict enforcement of local crude obligations under the Petroleum Industry Act. They say this approach will strengthen energy security and support economic growth.

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