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Nigerian billionaire Femi Otedola has reacted to President Bola Tinubu’s 15% fuel import tariffOtedola described the president's decision as a bold step to protect local refining and attract investmentPETROAN president Billy Gillis-Harry also spoke to Legit.ng on the new tarrif, warning that Nigerians will pay more for petroluem products Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends. Femi Otedola and members of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have their opinions on President Bola Ahmed Tinubu’s decision to impose a 15 per cent import tariff on petrol and diesel. In a post shared on X on Monday, November 3, Otedola commended the move as a bold and decisive step. According to him, the policy represents a crucial move towards safeguarding local industries that have made substantial investments in domestic production and refining capacity. " For decades, Nigeria’s industrial base has suffered from the unchecked importation of cheaper and often substandard goods, a practice that crippled once-thriving sectors such as textiles, local vehicle assembly, and manufacturing. "We cannot afford to allow history to repeat itself within the energy sector, particularly now that Nigeria possesses the capacity to meet its petrol and diesel requirements locally." He stressed that the tariff introduced will not only protects the billions of dollars already invested in refining infrastructure but also underscores the government’s commitment to driving industrialisation, creating employment, and building a sustainable energy future for our nation. Otedola stated: "This policy will also help establish a stable and sustainable pricing regime, contributing to greater control of inflation and long-term economic stability. President Tinubu’s ability to deploy policy as a catalyst for economic transformation is truly commendable. "His focus on empowering local producers and promoting value addition within Nigeria exemplifies the type of visionary leadership required to steer our nation towards realising its ambition of becoming a $1 trillion economy. Petrol marketers react Also reacting, PETROAN President Billy Gillis-Harry explained to Legit.ng that the policy is designed to protect local refining, the 15% tariff is “too high” and could result in higher fuel prices for Nigerians if not reviewed. He added that it should be carefully managed to avoid destabilising the downstream sector. Gillis-Harry said: “The fuel tax burden will ultimately be borne by consumers. “We urge the government to simulate the economic outcomes and consider reducing the rate before full implementation.” NNPC reduces petrol price Earlier, Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) retail outlets have reduced the pump price of petrol. This follows improved supply from the Dangote Refinery. Checks by Legit.ng revealed that in Abuja, NNPC filling stations are dispensing fuel at N945 per litre. Similarly, in Lagos, the price of petrol at NNPCL stations dropped slightly from N922 to N920 per litre. Other changes observed include Akwa Ibom, where the average petrol price reduced from N955 to N950 per litre, other states have been provided. Source: Legit.ng
