Nigeria TV Info 
Petrol Price Hits Over ₦1,000 per Litre as Tinubu Approves 15% Import Tariff

The pump price of petrol has surged above ₦1,000 per litre nationwide following President Bola Tinubu’s approval of a 15 percent import tariff on refined petroleum products. The new policy, introduced to boost government revenue and encourage local refining, has triggered widespread public concern over the rising cost of living.

Independent marketers and major oil distributors confirmed the latest hike, citing the tariff adjustment, volatile exchange rates, and rising import costs as key drivers. In Lagos, Abuja, and Port Harcourt, petrol now sells between ₦980 and ₦1,100 per litre, while in northern states it exceeds ₦1,150 due to transportation expenses.

Economic experts warn that the increase will further push inflation beyond its current record levels, affecting food prices, transport fares, and manufacturing costs. Labour unions have criticised the move, demanding urgent intervention to cushion the effects on workers and vulnerable citizens.

The Federal Government, however, insists the policy is part of a long-term reform aimed at stabilising the oil market and strengthening domestic refining capacity. It assured that palliative measures and targeted subsidies for public transport may soon be introduced to ease the burden on Nigerians.