The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to postpone the implementation of the 15 per cent import tax on petrol and diesel, warning that an immediate rollout could destabilize the economy and fuel inflationary pressures.
In a statement issued by its Director General, Dr. Chinyere Almona, the Chamber called for a balanced and measured approach that would support local refining capacity and ensure long-term sustainability in the energy sector.
Dr. Almona stated, “We recommend that the implementation of this tax policy be postponed and that, during the transition period, the government demonstrate its commitment through action by empowering local refiners through an efficient crude-for-Naira supply chain that ensures sufficient crude.”
According to her, the measure would enable local refiners to boost their refining capacity, maintain a stable crude supply, and meet domestic demand at competitive rates.
She explained that once local production becomes sufficient, the import tax would naturally discourage fuel importation and stimulate demand for locally refined products.
“With zero importation achieved, the benefits will be seen in job creation, FOREX conservation, a strengthened exchange rate, and increased government revenue,” Almona added.
The LCCI’s recommendation aligns with ongoing calls from economic experts for gradual implementation of fiscal measures to prevent shocks in the downstream petroleum sector.
