Nigeria Issues Six New Fuel Import Licenses to Ease Rising Prices

Nigeria’s petroleum transport and marketing regulatory authority has issued six new licenses for the importation of petrol from foreign countries. The move comes amid supply challenges in parts of the country linked to the ongoing conflict in the Middle East.

The decision was taken as the Dangote Refinery continues to export refined fuel abroad, at a time when petrol prices are still rising within Nigeria.

Despite being one of the world’s oil-rich nations and hosting the massive refinery owned by Africa’s richest man, Aliko Dangote, which has the capacity to refine fuel for both domestic use and export, many Nigerians are still struggling with fuel shortages and high prices.

READ ALSO: How the Iran War Is Affecting Global Oil Prices

The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Alhaji Abubakar Maigandi, also shared his views on the issuance of the new licenses and expressed hope that the move will help resolve the country’s persistent fuel supply challenges.