Pump Price Of Petrol May Exceed ₦1,000, Marketers Warn After New Import Duty Approval
When the cost of living already feels like a tightening noose, any mention of a fuel price hike sends a ripple of anxiety across Nigeria.
That fear may soon become reality as petroleum marketers warn that petrol could sell for more than ₦1,000 per litre following President Bola Tinubu’s approval of a 15 per cent ad valorem import tariff on imported fuel.
The marketers say the new duty, calculated based on the value of imported products, will significantly increase landing costs, inevitably pushing pump prices beyond the reach of most Nigerians.
According to industry experts, Nigeria’s continued dependence on imported petrol leaves it vulnerable to global price shocks and policy shifts.
The recent tariff approval, they argue, may worsen inflation, raise transportation costs, and deepen hardship for households already struggling under economic reforms.
While government officials maintain that the measure is part of a broader fiscal strategy to boost revenue and encourage local refining, marketers insist the move is “untimely”.
They could trigger a new wave of inflationary pressure unless domestic refineries, such as the Dangote Refinery, commence full-scale production soon.
For millions of Nigerians, the warning is more than just an economic forecast, it is a grim reminder that the pump remains a symbol of national struggle, where every litre tells a story of endurance.
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