Imported Petrol Landing Cost Falls to ₦829/Litre After 15% Tariff Policy
Omoyeni Olabode
The average landing cost of imported petrol in Nigeria has dropped to ₦829.77 per litre, according to data from the Major Energies Marketers Association of Nigeria. This marks a decline from ₦849.61 in mid-October.
Despite the reduction, locally refined fuel from the Dangote Refinery remains higher at ₦877 per litre. President Bola Tinubu recently approved a 15% import duty on petrol and diesel to promote local refining and reduce reliance on imports.
The policy aims to make imported products less competitive and support refineries like Dangote and Port Harcourt. However, stakeholders warn of potential scarcity if domestic refiners fail to meet demand.
Meanwhile, Oando Plc has suspended petrol imports, citing market shifts caused by Dangote’s growing dominance in fuel supply.
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