PETROAN Urges NNPCL To Ensure Steady Crude Supply As 15% Petrol Import Duty Takes Effect

By Naija Enquirer Staff

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged the Nigerian National Petroleum Company Limited (NNPCL) to guarantee uninterrupted crude oil supply to local refineries, describing it as a key requirement for the success of the Federal Government’s new 15% import duty on petrol and diesel.

Policy To Strengthen Local Refining, Price Stability

During a courtesy visit to Hon. Dr. Chinyere Igwe, Pro-Chancellor and Chairman of the Governing Council of Ignatius Ajuru University of Education, Port Harcourt, PETROAN President Dr. Billy Harry commended President Bola Tinubu for approving the duty on imported petroleum products.

He said the policy will encourage domestic refining, enhance price stability, bolster energy security, strengthen the Naira, protect foreign reserves, and create jobs across the petroleum value chain.

“This policy is structured to protect local refineries and promote a balanced and competitive downstream market,” Harry stated, adding that any short-term challenges would be outweighed by long-term gains.

Warning Against Monopoly In Refining Market

Harry, however, cautioned regulators — particularly the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to prevent monopoly within the refining sector.

He noted that with importers serving as price checks against profiteering, care must be taken to ensure competition is