Fuel import duty has shaken Nigeria’s oil market after President Tinubu approved a 15% levy on petrol and diesel.
Consequently, independent marketers warn it will push pump prices higher and squeeze their profit margins.
Fuel Import Duty Ignite Costs For Marketers
“We face high import costs and limited local supply,” said Chinedu Ukadike of IPMAN.
Meanwhile, Dangote Refinery insists it can meet local demand, but marketers fear a monopoly could drive prices even higher.
Ukadike also highlighted that electric and CNG vehicles might render some filling stations obsolete.
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Short-Term Impact vs Long-Term Goals
Furthermore, economic analyst Paul Adams described the policy as “strategic but double-edged.”
He explained that it supports local refining and reduces import reliance, yet could disrupt supply and raise prices in the short term.
At the same time, the presidency emphasises that the duty will boost domestic refining, create jobs, conserve foreign exchange, and expand industrial activity.
For ordinary Nigerians, the immediate reality remains clear: higher fuel costs may arrive soon, leaving commuters and marketers bracing for impact.
Overall, the market now faces a delicate balance between encouraging local production and protecting consumers.
