The article discusses the rising petrol prices in Nigeria, which are expected to increase as the price of Brent crude oil has surpassed $95 per barrel. The Centre for the Promotion of Private Enterprise (CPPE) is worried about a significant increase in petrol imports, which rose by 234% from May to July, despite Nigeria's efforts to boost its own refining capacity. In May, Nigeria imported an average of 5.9 million liters of petrol daily, but this jumped to 19.7 million liters by July. Meanwhile, the amount of petrol produced domestically fell from 41.5 million liters in May to 25.8 million liters in July. The CPPE believes that imports should only be used to fill genuine supply gaps and not to replace local production. They suggest that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) should ensure that import approvals are based on clear evidence that local refineries cannot meet demand. They also recommend better tracking of petrol supply and demand, as well as limiting import permits to prevent misuse. The CPPE emphasizes the importance of supporting local refineries to strengthen Nigeria's energy security and economy, rather than relying excessively on imports.
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