MARKETERS SEEK END TO PETROL IMPORTATION OVER RISING PRICES

Petroleum marketers have renewed calls for an immediate end to fuel importation, citing escalating costs and the adverse impact on consumers as local refining capacity improves.

The Petroleum Products Marketers Association of Nigeria (PPMAN) and other stakeholders argued that continued reliance on imported petrol undermines the gains from domestic refineries like Dangote, which recently resumed naira sales amid a N140 per litre price hike.

Marketers highlighted that importation exposes the country to volatile international crude prices, foreign exchange risks, and additional logistics costs that ultimately burden consumers with higher pump prices. They urged the Federal Government to fully activate local refineries and enforce a phased reduction in imports to stabilise the market.

Experts say ending importation could save foreign exchange, create more jobs, and enhance energy security. However, they stressed the need for adequate supply from local sources to avoid shortages during the transition.

The appeal comes as consumers grapple with persistent fuel price increases, which have contributed to inflationary pressures across the economy.