Petrol to sell above N1,000/ltr as Tinubu approves 15% import tariff

The pump price of Premium Motor Spirit (PMS), popularly called petrol, could rise above N1,000 per litre.

This follows President Bola Tinubu’s approval of a 15% tariff on fuel imports.

The new policy takes effect after a 30-day transition period expected to end on 21 November 2025.

It is part of the government’s strategy to protect local refiners and reduce the influx of cheaper imported products that threaten domestic refining investments.

However, marketers say the move could backfire and push retail prices beyond the reach of average Nigerians.

Commenting in a telephone interview on Thursday, multiple depot operators with knowledge of the matter, who spoke on condition of anonymity, said the decision could further raise the price of petrol, which already sells for around N920 per litre, in many parts of the country.

“As it is, the price of fuel may go above N1,000 per litre. I don’t know why the government will be adding more to people’s suffering,” one of the depot operators.