A new 15% import duty on petrol and diesel, approved by President Bola Tinubu, has drawn mixed reactions from stakeholders.
The policy aims to protect local refineries, like the Dangote refinery, by making imported fuel more expensive. However, it is expected to increase pump prices.
Support and Concerns
Government officials and some analysts support the move. They say it is necessary to boost domestic refining and reduce dependence on imports.
However, the Nigeria Labour Congress (NLC) and oil marketers have expressed concerns. They warn that the policy will burden Nigerians with higher costs.
The NLC cautioned that the duty could backfire if it leads to price manipulation by local suppliers.
With the new tariff, petrol prices could rise to approximately N965 per litre in Lagos, up from the current N925.
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Disclaimer: This article summarizes the perspectives of various stakeholders on a new government policy. The views and projections expressed are those of the quoted individuals and organizations. CDA News does not guarantee the accuracy of future price estimates, as these are subject to market forces.
