Petroleum marketers across Nigeria have raised the alarm that the pump price of petrol could exceed ₦1,000 per litre following President Bola Ahmed Tinubu’s approval of a 15 per cent ad valorem import tariff on fuel imports. The marketers, under various industry associations, say the new tariff structure will drastically raise landing costs and push retail prices beyond the reach of many Nigerians, worsening inflation and transportation costs nationwide.

Jocomms Correspondent reports that the tariff, which takes effect immediately, is part of the government’s broader revenue drive under the new fiscal framework. However, industry operators warn that without corresponding incentives or local refining capacity, the decision could further strain an already fragile economy. Several depot owners and filling station operators expressed concern that the move might trigger hoarding, black-market activities, and supply disruptions if not swiftly reviewed.

While government officials argue that the tariff aims to stabilize fiscal policy and support domestic refining in the long term, experts insist that Nigerians will feel the pinch almost immediately. With fuel costs already among the highest in the region, transport unions and consumer groups are urging the presidency to reconsider the policy to prevent nationwide hardship. As tensions mount over the potential hike, will the government stand its ground or bow to public pressure to avert another fuel crisis? Visit www.jocomms.com for more news.