PETROL PRICE MAY EXCEED N1,000/LITRE AS MARKETERS REACT TO NEW 15% IMPORT TARIFF
Petroleum marketers have warned that the pump price of Premium Motor Spirit (PMS), popularly called petrol, could exceed ₦1,000 per litre following President Bola Tinubu’s approval of a 15 per cent ad valorem import tariff on fuel imports.
The new policy, which will take effect after a 30-day transition period ending on 21 November 2025, is part of the Federal Government’s strategy to protect local refiners and curb the influx of cheaper imported products that threaten domestic refining investments.
However, marketers have cautioned that the move could backfire and push retail prices beyond the reach of average Nigerians.
Commenting in a telephone interview on Thursday, multiple depot operators familiar with the development, who spoke on condition of anonymity, said the decision could further raise the price of petrol, which already sells for around ₦920 per litre in many parts of the country.
They warned that unless mitigating measures are introduced, the new tariff could trigger another wave of price hikes, worsening the cost-of-living crisis for millions of Nigerians.
