Petroleum marketers have cautioned that petrol prices could rise above ₦1,000 per litre following President Bola Tinubu’s approval of a 15% ad valorem import tariff on fuel imports.
The new policy, set to take effect after a 30-day transition ending November 21, 2025, is aimed at protecting local refiners and curbing cheaper imports that threaten domestic refining. However, marketers fear it could worsen hardship and make petrol unaffordable.
Depot operators says fuel, currently selling for about ₦920 per litre, might exceed ₦1,000. One said, “The price of fuel may go above ₦1,000 per litre. I don’t know why the government will be adding more to people’s suffering.”
Another operator noted that some importers “are working in alignment with Dangote,” leading to uniform price hikes, while others warned the tariff could spark further inflation without a clear market framework.
IPMAN Vice-President Hammed Fashola said the tariff could discourage imports and promote local refining but might also create monopoly fears. “The 15 per cent tariff has its own implications… people will see it as a way of monopolising the industry for certain people,” he said, warning that a failure of local refiners could lead to scarcity.
Fashola urged the NNPCL to accelerate refinery rehabilitation to ensure supply, adding that competition from refineries like BUA would help prevent monopoly.
Meanwhile, PETROAN President Billy Gillis-Harry called the tariff a “win-win situation,” saying it would test the market’s balance between availability and affordability. He added, “As it is today, everybody is working with Dangote, and we know that Dangote cannot satisfy the country. So, there has to be a mix of product availability.”
