LunagisthubFuel Price Bombshell: Petrol to Sell Above N1,000/Litre as Tinubu Approves 15% Import Tariff
In a move that is expected to send shockwaves across the nation, President Bola Tinubu has approved a 15% import tariff on fuel, paving the way for the pump price of petrol to rise above N1,000 per litre. The new policy, which takes effect after a 30-day transition period ending on November 21, 2025, aims to protect local refiners and boost domestic refining investments.
According to industry insiders, the price of petrol, which currently sells for around N920 per litre in many parts of the country, could skyrocket beyond N1,000 per litre. “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 depot operator lamented.
The decision to impose a 15% import tariff on fuel has raised concerns about the potential impact on the cost of living, particularly for ordinary Nigerians who are already struggling to make ends meet. Marketers argue that the move could backfire, pushing retail prices beyond the reach of many citizens.
As the country braces for the impending fuel price hike, Nigerians can only wait and see how this policy will affect the economy and their daily lives. One thing is certain, though – the next few weeks will be crucial in determining the impact of this decision on the nation.
Lunagisthub
