Nigerian Marketers Warn of N1,000 Petrol Price Due to 15% Fuel Import Tariff

Nigerian marketers, represented by Major Energy Market Association (MEMAN), caution against the recent 15% fuel import tariff, which could raise petrol prices to N1,000 per liter. MEMAN's Executive Secretary, Mr.

Clement Isong, highlighted that the tariff increase could lead to premium motor spirit and diesel prices reaching N1,100 to N1,200 per liter. The tariff policy has sparked debates within the oil and gas sector, with concerns about its potential counterproductivity and impact on Nigeria's energy security.

Isong emphasized the urgent need to rehabilitate Nigeria's refineries and engage credible technical partners to ensure a stable fuel market. Dangote Refinery and modular refineries are seen as crucial for supporting self-sufficiency in fuel supply and reducing import dependence.