Nigerians may soon see petrol prices rise above one thousand naira per litre following President Bola Tinubu’s approval of a 15% import tariff on fuel.
This policy will take effect after a 30-day transition period ending on November 21 and aims to protect local refineries and reduce reliance on imports.
However, industry operators express concerns that the tariff could strain the economy, with current prices at around nine hundred and twenty naira per litre.
The additional duty may drive up operational costs for depot owners and could lead to fuel scarcity if local refineries fail to meet demand.
Vice President, Independent Petroleum Marketers Association, Mr. Hammed Fashola in a chat with newsmen pointed out the policy’s potential benefits and risks,
Mr. Fashola stated that it may boost local production but could also make fuel less affordable for consumers.
Some stakeholders, like Delta APC chieftain Ayiri Emami, criticized the timing of the policy, arguing it may worsen the hardships faced by everyday Nigerians.
Also, Energy analysts predicted the tariff could increase petrol and diesel costs by approximately one hundred naira.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority will implement the directive once it receives official communication from the Presidency as fuel prices will be determined by market forces.
