The Nigerian Midstream and Downstream Petroleum Regulatory Authority has issued new petrol import licences to local marketers to address supply shortages linked to the Middle East crisis. The development was reported by S and P Global on Tuesday.
An official of the regulator said the decision followed a shortfall in supply after earlier suspending import licences in February due to improved domestic production. Six oil marketers have now been authorised to import a combined 180 thousand metric tonnes of petrol.
The move comes amid rising petrol prices across Nigeria, driven by ongoing geopolitical tensions in the Middle East. Authorities say the licences are intended to stabilise supply and meet domestic demand.
Also Read: US Cuts Nigerian Imports by 41% in One Month
On Monday, global oil prices dropped to ninety-six dollars per barrel after United States President Donald Trump announced a delay in planned military strikes on Iranian energy infrastructure.
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