Tension is rising among Nigerians as the cost of petrol continues its steady climb, with depot prices now reaching N889 per litre—just days after selling at N887.
Data from major oil depots show Matrix charging the highest price at N889 per litre, while Aiteo offered the lowest at N871. Other players such as Dangote Refinery, Eterna, AA Rano, and AYM Ashafa sold between N871 and N885.
Industry insiders warn that pump prices could soon cross the N1,000 mark once the newly approved 15 percent fuel import duty takes effect later this month. The tariff, endorsed by President Bola Tinubu, is expected to begin after a 30-day transition period ending November 21, 2025.
According to the federal government, the import tax on petrol and diesel is intended to protect the country’s emerging refining industry, stabilize the downstream market, and ensure fair pricing between importers and local producers. Authorities also argue that the measure will discourage excessive fuel importation and support domestic refineries like Dangote’s, which are ramping up production.
In a chat with Vanguard, Dr. Billy Gillis-Harry, President of the Petroleum Retail Outlets Owners Association of Nigeria (PETROAN), said the group will work with the government to ensure the policy is implemented fairly.
“This is a new measure aimed at strengthening the sector,” he said. “We believe government means well, and we’ll cooperate to make sure businesses are not negatively impacted.”
Officials from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirmed that the tax will be collected based on the Cost, Insurance, and Freight (CIF) value of imported fuel. Payments will go into a designated federal account, and all cargoes will be verified before discharge.
The government has also instructed the NMDPRA and the Nigeria Customs Service to prioritize locally refined fuel when issuing import licenses and to periodically review the tax to ensure it remains necessary as domestic refining capacity grows.
Analysts say that while the policy could eventually reduce Nigeria’s reliance on fuel imports, consumers are bracing for another sharp increase in pump prices in the short term — a development likely to deepen public frustration amid rising living costs.
