By Fatima Mukhtar
The Federal Government has approved a 15 percent import duty on petrol and diesel, a decision that is already sparking concerns among marketers and consumers across the country.
According to reports, the policy signed and approved by President Bola Ahmed Tinubu is aimed at encouraging local refining and reducing dependence on imported petroleum products. However, experts warn that the move could cause a fresh surge in fuel prices, possibly pushing the pump price of petrol above ₦1,000 per litre.
Currently, petrol sells between ₦880 and ₦920 per litre in most states, but oil marketers predict that the new tariff will raise landing costs by over ₦90 per litre once it takes effect in November.
Speaking on the development, a senior government official explained that the tariff aligns with the administration’s economic reform agenda and seeks to protect emerging local refineries such as Dangote Refinery and Port Harcourt Refinery.
“The decision is meant to balance competition, protect local investors, and gradually reduce importation. It’s not about hardship, it’s about long-term sustainability,” the official said.
However, many Nigerians fear the new policy will worsen the cost-of-living crisis already affecting households and small businesses. Transport fares and prices of essential goods are expected to rise once the new rate reflects at filling stations.
An energy analyst, Aminu Usman, said the policy could have been delayed until local refineries start operating at full capacity.
“Introducing a 15% import duty when local refining is not yet stable might push prices too high for ordinary Nigerians. The government should have waited,” he warned.
Despite public concern, the Presidency insists that the move is part of a broader economic restructuring plan aimed at boosting revenue and supporting domestic production.
The new tariff is expected to come into effect within 30 days.
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