Petrol Prices in Nigeria Could Hit ₦1,000/Liter as Stakeholders Divided Over 15% Tariff Proposal

The proposed 15% tariff on fuel imports by Tinubu has divided stakeholders in Nigeria's petroleum market, with fears that petrol prices could surge to ₦1,000 per liter. The tariff, set to take effect on October 21, 2025, aims to protect local refineries like Dangote Refinery.

However, industry players warn of dire economic consequences, including fuel scarcity and increased hardship for consumers. The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed concerns about the tariff's impact on imports.

The Nigerian government is urged to act within the Petroleum Industry Act to guide tariff and price reforms, while also encouraging the rehabilitation of local refineries.