Why 15 Per Cent Fuel Import Duty May Backfire – NLC To FG
The Nigeria Labour Congress (NLC) has warned that the newly approved 15 per cent import tariff on petrol and diesel could backfire if it leads to price manipulation or consumer exploitation.
The spokesperson of NLC, Benson Upah, said this in an interview with DAILY POST.
Upah noted that while the tariff could help encourage local refining and reduce Nigeria’s dependence on imported fuel, it must not become a tool for monopolies or artificial price hikes.
He, however, cautioned that Nigerians could suffer higher fuel prices if the tariff is used to manipulate supply or shield certain players from competition.
“If local capacity can meet local demand without distortions or manipulations to achieve undue business advantage at the expense of the consumer, this will be quite okay because we need to protect local industries.
“On the other hand, if this design is intended to guarantee local supply at the outset only for the taps to be turned off shortly after, then this will be terrible for the consumer, for it will represent at least a 15 percent additional tax on imported products,” he added.
Olamilekan Adigun is a graduate of Mass Communication with years of experience in journalism embedded in uncovering human interest stories. He also prioritises accuracy and factual reportage of issues.
