Petroleum marketers have warned that the pump price of Premium Motor Spirit (PMS), popularly known as petrol, could climb above N1,000 per litre.

President Bola Tinubu recently approved a 15 per cent ad valorem import tariff on petrol imports.

The new policy, due to take effect after a 30-day transition period ending November 21, 2025, is part of the government’s strategy to protect local refiners and discourage importation.

Government officials explained that the measure will strengthen domestic refining and reduce pressure on the naira.

But marketers believe that the move could backfire by driving prices beyond the reach of average Nigerians.

Punch reports that the marketers warn that the petrol price could exceed N1,000 once the duty is implemented.

An operator said: “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."

Also, Hammed Fashola, National Vice-President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the tariff could have both “positive and negative effects.”

He noted that while it might promote local refining, he cautioned that it could also discourage importers and create the perception of a monopoly favouring the Dangote Refinery and a few others.

Fashola said:

“If the local refiners fail to supply enough fuel, it may lead to scarcity."

He urged the government to accelerate the rehabilitation of state-owned refineries in Port Harcourt, Warri and Kaduna to avoid a supply gap.