Oil marketers have cautioned that the Federal Government’s new 15% import duty on petrol and diesel could cripple their operations and push pump prices beyond the reach of consumers.
The levy, applied on the cost, insurance and freight (CIF) value of imported fuel, is intended to protect local refiners like the Dangote Refinery and reduce Nigeria’s reliance on imports. Government officials say the move will help conserve foreign exchange and promote energy self-sufficiency.
Marketers, however, argue that the policy undermines deregulation and threatens competition in the downstream sector.
“This duty makes imports unviable and could push fuel prices above ₦1,000 per litre,” a DAPPMAN representative said.
The Dangote Refinery, which supports the new duty, claims it currently produces about 70 million litres of petrol and diesel daily enough to meet national demand.
Opposition groups, including the African Democratic Congress (ADC), have criticized the timing of the policy, warning that it could worsen inflation and deepen the economic strain on Nigerians.
Analysts say while the measure may strengthen local refining, it risks creating a monopoly and could trigger supply disruptions if domestic production falls short. Visit www.jocomms.com for more news.
