The Federal Government, FG, has confirmed that President Bola Tinubu has approved a 15 per cent import tariff on petrol and diesel. The Presidency recently described the policy as a strategic step to aid local refining and strengthen Nigeria’s energy independence.
Speaking via a press statement by the Special Adviser to the President on Media and Public Communications, Sunday Dare, said that the new policy is a bridge that will transform the nation’s petroleum landscape and secure long-term economic stability.
According to him, the policy is a strategic measure to end Nigeria’s dependence on imported fuel and fasten the country’s path to energy self-sufficiency.
He stated that the era of Nigeria depending heavily on imported fuel, despite being one of the world’s leading crude oil producers, must end.
“It’s no longer news that President Bola Ahmed Tinubu has approved a 15 per cent import duty on petrol and diesel, a bold and strategic move aimed at reshaping Nigeria’s energy landscape.
For years, the nation has depended heavily on imported fuel despite being a leading crude oil producer, draining foreign exchange and exporting jobs that should have been created at home.
This new policy is designed to reverse that trend by encouraging local refining, boosting domestic capacity, and ensuring that Nigeria’s oil wealth translates directly into national prosperity,” he wrote.
Dare further noted that the policy will make imported products less competitive while ensuring the market is in favour of locally refined fuel from the Dangote Refinery, Port Harcourt Refinery and modular plants.
He concluded by saying that the latest development will also stimulate industrial activity, create jobs, and attract new investments into the downstream petroleum value chain.
“By making imported fuel less competitive, the government is tilting the market in favour of local refineries such as Dangote and other modular plants, laying the groundwork for a self-sustaining and resilient energy sector.
As local refining ramps up and supply strengthens, prices are expected to moderate while jobs, investment, and industrial activity expand. This policy is therefore not a burden, but a bridge, from dependence to independence, from vulnerability to strength,” he added.
