Fuel Price May Cross ₦1,000 as Marketers Warn Against New 15% Import Tariff

Petroleum marketers have warned that petrol prices could rise above ₦1,000 per litre after President Bola Tinubu approved a 15% import duty on petrol and diesel imports.

The policy, expected to take effect after a 30-day transition period ending November 21, 2025, aims to protect local refineries and reduce dependence on imported fuel. But marketers say it will instead deepen hardship for Nigerians already battling high fuel costs.

“This kind of policy will not hurt marketers. It will hurt ordinary Nigerians,” said Chief Ayiri Emami, an APC chieftain from Delta State.

Emami, who heads A & E Group, urged the President to suspend the tariff until the government provides economic relief, warning that rural communities dependent on fuel for fishing and transport are already struggling.

Similarly, Hammed Fashola, Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the move might discourage importers and create an unfair advantage for local refiners like Dangote.“

If local refineries fail to meet demand, scarcity could follow,” he cautioned.