The Presidency has defended President Bola Tinubu’s approval of a 15 per cent import tariff on petrol and diesel, describing it as a strategic move to promote local refining and reduce Nigeria’s reliance on fuel imports. The confirmation was made on Friday by the President’s Special Adviser on Media and Public Communications, Sunday Dare.
Dare said the policy is “a bridge, not a burden,” explaining that it is designed to transform the petroleum sector, protect local refineries, and ensure long-term economic stability. He noted that Nigeria has for decades exported crude oil while importing refined fuel, a situation that drained foreign exchange and cost local jobs.
According to the statement, the new tariff will make imported fuel less competitive, giving an advantage to local refineries such as Dangote, Port Harcourt, and other modular plants. The aide said as domestic refining capacity increases, fuel supply will stabilise, and pump prices are expected to moderate over time.
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The announcement has, however, raised concerns among marketers who warn that petrol prices could exceed one thousand naira per litre. The 15 per cent tariff will take effect after a 30-day transition period ending on November 21, as part of government efforts to stabilise the energy market and attract new investment.
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