Nigeria’s petroleum marketers have warned that the pump price of Premium Motor Spirit (PMS), popularly known as petrol could climb past the ₦1,000‑per‑litre mark after President Bola Tinubu approved a 15 percent ad‑valorem import tariff, on fuel imports.

The new policy, slated to become active after a thirty‑day transition that concludes on November 21st  2025 fits into the government’s larger scheme to fortify domestic refineries and choke off the surge of cheaper imports that could erode the home‑grown refining sector.

However, oil marketers and depot operators say the policy could further strain consumers already wrestling with soaring fuel costs and inflation.

Marketers Raise Alarm Over Imminent Price Hike

Speaking to journalists on Thursday, several depot operators expressed concern that the additional tariff could trigger a new round of price increases.

“As it stands, the price of fuel may go above ₦1,000 per litre. I don’t understand why the government is adding more to the suffering of ordinary Nigerians,” one depot operator said.

Another operator alleged that some importers were already aligning with major local refiners, such as Dangote Petroleum Refinery, to maintain high price levels.

“The last price increase was coordinated; all players raised their prices at the same time. Without a transparent market structure, this new tariff may worsen the situation,” the operator added.

IPMAN Cautions Against Monopoly, Predicts Mixed Outcome

Hammed Fashola, National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN) observed that the policy carries both benefits and drawbacks.

“The 15 per cent tariff will discourage importation and encourage local refining, which is good in principle. But if local refineries cannot meet national demand, we may experience scarcity and higher prices,” he said.

“People will see it as a move to favour certain players, especially Dangote. The government must ensure fairness and healthy competition,” he added.

He nonetheless contended that the policy does not breach the Petroleum Industry Act (PIA) and appealed to the Nigerian National Petroleum Company Limited (NNPCL) to accelerate the revival of the Port Harcourt, Warri and Kaduna refineries.

Retailers Describe Tariff as “Test of Policy”

Billy Gillis‑Harry, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) said the tariff is a “policy test” that could bring ‘mixed’ results.

“This is not entirely new, but it will take time to assess its impact. Our priority is ensuring availability and affordability. Cheap fuel without sustainability will only lead to scarcity,” he said.

Gillis-Harry added that relying heavily on a single supplier like Dangote is unsustainable.

Dangote alone cannot supply the entire country. There must be a healthy mix of local production and importation to keep the market balanced,” he cautioned.

This development has provoked a sense of anxiety among motorists and households, throughout the nation as concerns mount that the imminent tariff might aggravate living conditions already stretched thin by inflated transport and food expenditures.

At the moment petrol costs between ₦880 and ₦920, per litre across several states and in the country’s major cities, long lines are already forming as worries grow over any further price hikes.