New Petrol Price: Marketers Drop Fresh Warning after Tinubu’s Decision

• Marketers have issued a warning that the price of petrol could exceed N1,000 per litre nationwide
• The warning comes after President Bola Tinubu approved a 15% import tariff on petrol imports into Nigeria
• The policy will help protect local refineries and discourage cheap imports, but analysts warn it could trigger fresh price hikes

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Petroleum marketers have warned that the pump price of Premium Motor Spirit (PMS), popularly known as petrol, could climb above N1,000 per litre.

President Bola Tinubu recently approved a 15 per cent ad valorem import tariff on petrol imports.

Tinubu introduces 15% import duty on petrol

The new policy, due to take effect after a 30-day transition period ending November 21, 2025, is part of the government’s strategy to protect local refiners and discourage importation.

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Government officials explained that the measure will strengthen domestic refining and reduce pressure on the naira.

But marketers believe that the move could backfire by driving prices beyond the reach of average Nigerians.

Punch reports that the marketers warn that the petrol price could exceed N1,000 once the duty is implemented.

An operator said:

“As it is, the price of fuel may go above N1,000 per litre. I don’t know why the government will be adding more to people’s suffering."

Also, Hammed Fashola, national vice-president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the tariff could have both “positive and negative effects.”

He noted that while it might promote local refining, he cautioned that it could also discourage importers and create the perception of a monopoly favouring the Dangote Refinery and a few others.

Fashola said:

“If the local refiners fail to supply enough fuel, it may lead to scarcity."

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He urged the government to accelerate the rehabilitation of state-owned refineries in Port Harcourt, Warri and Kaduna to avoid a supply gap.

Critics raise concerns about petrol 15% import duty

Also, Billy Gillis-Harry, president of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), described the 15 per cent tariff as a “win-win situation” but advised close monitoring to maintain product availability and affordability.

In the document announcing the policy, the government said it is backed by the Petroleum Industry Act and also aligns with Tinubu’s broader energy reforms aimed at promoting local production.

Government projections suggest the tariff could add about N99.72 per litre to landing costs, though officials insist prices will remain below regional averages, Cable reports.

Energy analysts, however, warned that while the tariff may support local refineries, it risks short-term price shocks and supply disruptions.

Critics argue that the timing of the measure, amid high living costs, could worsen inflation.

NNPC sells petrol at N922 as filling stations quote new prices

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Tinubu approves 15% import duty on petrol, diesel, FIRS gives reason

In related development, Legit.ng reported that the National Petroleum Company Limited (NNPCL) increased the price of petrol again

MRS, Ardova, Matrix, De Petroleum, Fatgbems, Petrocam, TotalEnergies, Pinnacle and Mobil also adjusted their prices to between N890 and N922 per litre.

In Abuja, NNPCL retail outlets increased petrol prices to N955 per litre, up by N50 from N905.

Proofreading by Kola Muhammed, copy editor at Legit.ng.

Source: Legit.ng