Nigerian Petroleum Marketers Warn of Petrol Price Surge Over N1,000/Liter Amid New Import Tariff

Nigerian petroleum marketers have issued a warning about the possibility of petrol prices rising above N1,000 per liter due to the implementation of a 15% import tariff on petrol. The new policy, effective from November 21, 2025, is part of the government's strategy to safeguard local refineries and discourage imports.

While officials believe this measure will strengthen domestic refining capabilities and ease pressure on the naira, there are concerns that it could backfire and make petrol unaffordable for the average Nigerian. Market analysts have cautioned that the tariff may not fully support local refineries and could lead to short-term price shocks and supply disruptions.

Various industry stakeholders, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Nigerian National Petroleum Company Limited (NNPC), are closely monitoring the situation to ensure product availability and affordability.