President Tinubu Approves 15% Fuel Import Tariff to Protect Nigerian Refineries

President Bola Tinubu has approved a 15% import duty on petrol and diesel imports to Nigeria as part of efforts to protect domestic refining capacity, stabilize the downstream petroleum market, and promote energy security. The tariff, calculated on the cost, insurance, and freight value of imported fuel, is expected to raise the landing cost of petrol by about 99 naira per litre, potentially increasing pump prices but still keeping them below regional averages. The move aims to prevent cheaper imported fuels from undermining local refineries, including the Dangote Refinery, Africa's largest, which started operations recently but faces pricing competition from imports. Some stakeholders, such as APC chieftain Chief Ayiri Emami, have cautioned President Tinubu against the tariff, warning it will ultimately hurt ordinary Nigerians who are already struggling with high fuel costs and economic challenges. The government emphasizes the tariff is not intended to hike prices but to create a level playing field between importers and local producers, with ongoing efforts to revive state-owned refineries complementing the policy. The new duty was ordered for immediate implementation by President Tinubu, signaling a significant shift in Nigeria's energy policy to reduce imported fuel reliance and support local refining investments.