The Human and Environmental Development Agenda (HEDA Resource Centre) has called on President Bola Tinubu to reconsider the recently approved 15 per cent ad valorem import tariff on petrol and diesel, warning that the move could worsen the current economic hardship faced by Nigerians.
HEDA’s Chairman, Olanrewaju Suraju, cautioned that while the tariff was introduced to protect local refineries and stabilise the downstream oil sector, its implementation at this time could trigger another increase in fuel prices, potentially pushing the pump price above N1,000 per litre.
The group noted that such a move would have severe ripple effects on transportation, production costs, and the prices of essential goods.
According to HEDA, the Federal government’s intention to encourage local refining and reduce dependency on imports is commendable but must be approached with caution to avoid worsening the suffering of citizens.