Mike Osatuyi, former National Operations Controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), has praised President Bola Tinubu’s approval of a 15% import duty on petrol and diesel, saying it will protect domestic refineries and attract new investments.

Speaking in Lagos, Osatuyi described the tariff as a strategic move that would discourage importation of cheaper fuel while supporting local refining operations, including the Dangote Refinery and emerging modular plants across the country. He noted that the policy is aimed at sustaining domestic refineries, promoting competition, and benefiting Nigerians through job creation, foreign exchange savings, and stabilising the naira.

The ex-IPMAN official criticised government-owned refineries in Port Harcourt, Warri, and Kaduna for prolonged non-performance, citing over ₦11 trillion spent on maintenance from 2010 to 2023 without meaningful output. He called the Dangote Refinery, with its 650,000 barrels per day (bpd) capacity and plans to expand to 1.4 million bpd, a national asset capable of meeting domestic demand and producing surplus for export.

Osatuyi also highlighted upcoming projects, including the 200,000 bpd BUA Refinery in Akwa Ibom and several modular refineries with a combined capacity of about 150,000 bpd. He urged local refiners to act responsibly and avoid exploiting the tariff to hike prices, while regulators such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority ensure fair pricing and prevent black-market activities.

He welcomed the government’s directive allowing local refineries to purchase crude oil in naira, describing it as a key step in stabilising operations and reducing pressure on foreign reserves. Osatuyi concluded that the import duty reflects the Tinubu administration’s commitment to protecting private investments and strengthening Nigeria’s energy independence.