Nigerians to Face N200 Petrol Price Hike Amid Economic Hardship, Experts Warn

Nigerian President Bola Tinubu's approval of a 15% import duty on petrol and diesel is expected to raise pump prices by N100 to N200 per liter, leading to widespread economic challenges. The move aims to protect local refineries like Dangote Refinery but has faced criticism for potentially exacerbating the cost of living crisis.

Experts like Izuchukwu Clement Igbanugo and Akinjid Adeosun have raised concerns about the policy's timing and impact on inflation. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) defends the tariff as necessary for transparency and monitoring.

Despite this, the Lagos pump price will remain below the regional average.