Nigeria's Petrol Prices Set to Exceed ₦1,000/Liter as Import Tariff Approved by Tinubu

The approval of a 15% import tariff by President Bola Tinubu is expected to push petrol prices above ₦1,000 per liter in Nigeria. This move aims to fortify domestic refineries by discouraging imports, potentially straining consumers already grappling with high fuel costs.

Depot operators have expressed concerns over the policy, fearing it may favor certain players like Dangote Petroleum Refinery. The Independent Petroleum Marketers Association of Nigeria (IPMAN) believes the tariff could lead to scarcity and higher prices, urging the government to revive local refineries like those in Port Harcourt, Warri, and Kaduna.