Nigerians will pay an additional amount of about N1tn (N973.6bn) annually on petrol imports following the Federal Government’s planned introduction of a 15 per cent import tariff on Premium Motor Spirit (petrol), a price analysis conducted by The PUNCH has shown. According to a petrol import trend report obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, reviewed by The PUNCH on Tuesday, Nigeria imported an average of 26.75 million litres of petrol daily between January and September 2025. At a projected import tariff rate of N99.72 per litre, as stated in the presidential approval letter for the 15% tariff, the amount that would be spent as tariff for the 26.75 million litres would be about  N2.67bn daily. When computed over a full year, this adds up to a staggering N973.64bn, which Nigerians will ultimately bear through higher pump prices once the policy is implemented. This amount, while representing additional revenue for government coffers, will translate to a direct increase in fuel expenses for households, transporters, and businesses nationwide.
Punch