The Nigerian government’s recent approval of a 15 percent import duty on petrol and diesel has received support from the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN). According to PETROAN’s national president, Billy Gilly-Harry, the new tariff aims to secure local production and refineries. In an interview, Gilly-Harry stated that the organization is in favor of the policy, but will monitor its impact on members and Nigerians in the coming days.

The federal government’s decision to implement the import duty is expected to affect petrol pricing in the long run. The policy has garnered mixed reactions from stakeholders and the public, with some expressing concerns that it may exacerbate the existing economic hardship. However, others, including a prominent economist, Bismarck Rewane, believe that the policy will boost local production of petroleum products.

President Bola Tinubu’s spokesperson has described the policy as a bridge, rather than a burden, for Nigerians. The government’s move is seen as an effort to promote local refineries and reduce reliance on imported fuel. As the policy takes effect, PETROAN will be closely watching its impact on the industry and the general public.

The introduction of the 15 percent import duty on petrol and diesel is a significant development in Nigeria’s energy sector. The country has been working to enhance its local refining capacity and reduce its dependence on imported fuel. While the policy’s effects are yet to be fully assessed, it is likely to have far-reaching implications for the Nigerian economy and the petroleum industry.

In the face of mixed reactions, the government will need to balance the concerns of various stakeholders while working to achieve its objectives. As the situation unfolds, it is essential to monitor the policy’s impact and adjust course if necessary. The Nigerian government’s decision to implement the import duty on petrol and diesel underscores its commitment to promoting local production and refining capacity, and its effects will be closely watched in the coming days and weeks.