Energy experts are raising alarms over the Federal Government’s recent approval of a 15 percent import duty on petrol and diesel, cautioning that consumers could soon face a fuel price hike of up to N150 per litre or more.
Dr. Ayodele Oni from Bloomfield Law Practice highlighted that while the policy aims to protect and boost local refining, it risks adding to inflation and cost-of-living pressures by increasing the landing cost of imported fuel. In Nigeria’s deregulated market, this additional cost could lead to volatile pump prices.
The government argues the tariff will make local refineries more competitive and reduce dependency on imports. Yet, Dr. Oni warns that without strong refinery infrastructure and efficient logistics, the policy might trigger fuel scarcity and black-market activities.
Meanwhile, PETROAN, representing fuel retail outlets, praised the duty as a necessary step to energy security, economic growth, and job creation. They urged regulators to prevent monopolies and ensure refineries have adequate crude supply to sustain stable production.
Critics also call for transparency and proper timing to avoid price surges and supply disruptions, urging investment in refinery capacity and clear communication of costs.
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