Petrol may hit N1,163/litre as FG targets N4.8tr yearly from fresh tariff

Contributing sentiments towards policy:

54% : Applying the proposed tax structure translates to an additional N13.2 billion per day, or N4.8 trillion per year, which would be passed directly to consumers.
53% : The 15 per cent duty is coming at a time when the government has already legislated a five per cent surcharge on refined petroleum products contained in the Nigeria Tax Administration Act, which is meant to take effect from 2026.
49% : However, analysts and stakeholders warn that the policy could stoke inflation, deepen poverty, and create opportunities for profiteering in a sector already plagued by weak regulation and high volatility.
43% : Petrol may hit N1,163.75/litre as economists fear inflation, worsening poverty President Bola Ahmed Tinubu's administration is proposing a new tariff regime that could see motorists and industries pay an estimated N4.8 trillion yearly in fresh taxes on petrol and diesel.
38% : Coming amid worsening poverty, the new tax regime and the government's inability to cushion the impact of subsidy removal, the 15 per cent import duty, alongside the 7.5 per cent Value Added Tax (VAT) attached to tariffs, is expected to raise fuel prices by at least 22.5 per cent, pushing the pump price of petrol from the current average of N950 per litre to around N1,163.75 per litre.

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