President Bola Ahmed Tinubu has approved a 15 percent import tariff on petrol and diesel, in what the Federal Government describes as part of measures to encourage local refining and reduce dependence on imported petroleum products.
According to government officials, the move aims to strengthen the competitiveness of Nigeria’s domestic refineries, including the recently operational Dangote Refinery and other modular refineries across the country.
Okay News reports that the decision is contained in a new directive communicated to the Federal Ministry of Finance, the Nigerian Customs Service, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The tariff will apply to all imported refined petroleum products entering the country.
Government sources explained that the new import duty regime is intended to stimulate investments in local refining, boost government revenue, and create jobs within the petroleum sector. However, they admitted that the policy could lead to a temporary increase in pump prices of petrol and diesel, depending on market reactions and the volume of imports.
An economic analyst, Dr. Emmanuel Oladipo, said the measure could “accelerate the country’s path toward energy independence” but warned that Nigerians may experience short-term price hikes before local supply fully stabilizes.
He said, “The long-term effect could be positive if the policy ensures that refineries like Dangote and Port Harcourt run at full capacity, but in the immediate term, consumers might bear higher costs at filling stations.”
Meanwhile, consumer advocacy groups have urged the government to roll out palliative measures and ensure transparency in the implementation of the new tariff to cushion its effect on citizens.
