Abuja, Nigeria
Petroleum marketers have warned that fuel prices could exceed ₦1,000 per litre following President Bola Tinubu’s approval of a 15% ad valorem import tariff on petrol.
The new tariff, effective after a 30-day transition period ending November 21, aims to protect local refineries and discourage cheap imports. However, marketers caution that the measure could backfire, pushing retail prices beyond the reach of ordinary Nigerians.
According to depot operators, the current average pump price of ₦920 per litre may rise sharply once the tariff takes effect. The Independent Petroleum Marketers Association of Nigeria (IPMAN) noted that while the policy might promote local refining, it could also lead to fuel scarcity if local refineries fail to meet demand.
Industry experts have urged the government to ensure fair competition and accelerate the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries to prevent market monopolies and further hardship for consumers.
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