Petrol Soars Above N1,000/Litre as Tinubu Okays 15% Import Tariff!
Reported by Marian Opeyemi Fasesan | Sele Media Africa
Petroleum marketers have raised alarm over rising fuel prices after President Bola Tinubu approved a 15% ad valorem tariff on petrol and diesel imports. The policy, aimed at encouraging local refining and boosting revenue, has led to immediate hikes in pump prices across several states.
What We Know:
- The tariff is calculated as a percentage of the value of imported fuel, now passed to consumers.
- Many retail stations in Lagos, Abuja, and Port Harcourt are now selling petrol between N980–N1,120/litre.
- Marketers say forex instability and port charges are compounding price surges.
Quote:
“This policy will push petrol beyond the reach of many Nigerians. Local refining isn’t ready to meet demand.”
— National Vice President, IPMAN
Why It Matters:
- Increases transportation, food, and production costs nationwide.
- Sparks criticism over the timing, as Nigerians already face inflation and currency pressure.
- Adds pressure on local refineries like Dangote and modular plants to scale output quickly.
What to Watch:
- Further price hikes if exchange rates worsen.
- Labour unions’ response and potential protests.
- Government interventions to cushion the impact.
Sources:
- Petroleum Products Pricing Regulatory Agency (PPRA) Brief – Oct. 31, 2025
- IPMAN Press Statement
- Ministry of Finance Circular on Ad Valorem Implementation
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