The former National Operations Controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Mike Osatuyi, has commended President Bola Tinubu for approving a 15 per cent import duty on petrol and diesel.

In an interview with the News Agency of Nigeria (NAN) in Lagos yesterday, Osatuyi said the policy would protect local refineries and attract new investments into the sector.

NAN reports that on October 29, President Bola Tinubu approved a 15 per cent import tariff on petrol and diesel, a policy expected to raise the landing cost of imported fuel.

He added that it would ensure the sustainability of both existing and upcoming private refineries, encourage modular refinery operators, and attract foreign investors.

Osatuyi added that the policy would discourage importation of cheaper refined products, improve competition among marketers, and ultimately benefit Nigerians.

He said: “The Federal, State and Local Governments will also gain from increased revenue, job creation, foreign exchange savings, and the stabilization of the naira.”

According to him, the import duty demonstrates the Tinubu administration’s commitment to protecting domestic investment in the downstream petroleum sector.