Oil entrepreneurs underneath the aegis of the Petroleum Merchandise Retail Retailers House owners Affiliation of Nigeria (PETROAN) have warned of the hazard of making monopoly with the newly launched 15% import obligation on petrol and diesel if native refineries usually are not correctly checked by regulators.
They referred to as on regulatory companies just like the Nigerian Midstream and Downstream Petroleum Regulatory Company (NMDPRA) to be on purple alert in opposition to monopoly, as not regulating the sector correctly would possibly hurt the market.
Based on a press assertion by the Nationwide Public Relations Officer (PRO) of PETROAN, Dr Joseph Obele, this was made recognized by the Nationwide President of the affiliation, Dr Billy Harry, on Friday, October 31, 2025.
Billy Harry, who was talking throughout a courtesy go to to the brand new Professional-Chancellor and Chairman of the Governing Council of Ignatius Ajuru College of Training, Port Harcourt, Dr Chinyere Igwe, reiterated that the advantages of this coverage will outweigh the potential disadvantages.
He identified that importers of petroleum merchandise, which had been a value examine mechanism in opposition to profiteering, will probably be out of enterprise if not correctly managed.
Dr Obele, within the assertion, stated, ‘’Dr. Billy Harry emphasised that the advantages of this coverage will outweigh the potential disadvantages. Nonetheless, he referred to as on regulatory companies such because the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to be on purple alert in opposition to monopoly, warning that if native refineries usually are not correctly regulated, it might result in a monopoly that may hurt the market. He famous that importers of petroleum merchandise, which had been a value examine mechanism in opposition to profiteering, will probably be out of enterprise if not correctly managed. As an alternative, he urged importers of petroleum merchandise to look inwards in direction of patronizing native refineries.’’
Obele acknowledged that Billy Harry praised President Bola Tinubu for approving a 15% import obligation on petrol and diesel, with the coverage aiming to guard home refineries, stabilize the downstream oil market, and promote vitality safety.
The assertion partly reads, ‘’Billy Harry highlighted the advantages of the approval, together with elevated native refining capability, improved value stability, and enhanced vitality safety. He famous that this coverage will enhance native refining, promote {economic} development, create extra job alternatives, and create a stage taking part in subject for home refineries.
‘’The advantages of this coverage embody elevated native refining capability, decreased dependence on imported gas, improved value stability, enhanced vitality safety, enhance to native financial system, advantages to international reserves, advantages to the Naira gaining power, and attracting buyers. The potential disadvantages embody potential value enhance, lack of jobs on the aspect of importing corporations, and short-term challenges.’’
Additionally, PETROAN within the assertion referred to as on the Nigerian Nationwide Petroleum Firm Restricted (NNPC) to make sure the supply of crude oil to native refineries, as that is essential for the success of the coverage.
Obele acknowledged, ‘’The brand new coverage has additionally prompted NNPC to hunt non-public companions in managing the 4 nation-owned refineries. Based on Bayo Ojulari, NNPC’s Group Chief Govt Officer, the corporate is in search of technical fairness companions to assist revive its long-dormant refineries, which have but to renew operations regardless of years of heavy funding. This transfer is seen as essential to Nigeria’s long-term vitality safety and will probably rework the nation from a gas importer to a web exporter.
‘’Dr. Billy Harry additionally calls on NNPC to finish the partnership settlement very quickly and begin manufacturing at Nigeria’s refineries earlier than December to avert any type of gas shortage or value hike in the course of the Yuletide season. This well timed motion will assist guarantee a secure provide of petroleum merchandise and help the nation’s {economic} development.’’
President Bola Tinubu had permitted a 15% ad-valorem import obligation on diesel and premium motor spirit (PMS), generally referred to as petrol.
The approval was contained in a letter dated October 21, 2025, the place Damilotun Aderemi, the Non-public Secretary to the President, conveyed the directive to the Federal Inland Income Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Based on the letter, the choice adopted a request by the FIRS looking for the president’s consent to use a 15 % obligation on the fee, insurance coverage, and freight (CIF) worth of imported petrol and diesel to align import prices with home realities.
In its response, the presidency had defined that the just lately launched coverage was designed to make these imported merchandise much less aggressive and encourage native refining.
It acknowledged that the coverage will even enhance home capability and make sure that Nigeria’s oil wealth interprets instantly into nationwide prosperity.
