Breaking…Tinubu approves 15% import duty on petrol, diesel, pump price expected to rise

President Bola Ahmed Tinubu has approved the implementation of a 15 percent ad-valorem import duty on petroleum products, including diesel and premium motor spirit (PMS), commonly known as petrol.

The directive was contained in a letter dated October 21, 2025, signed by Damilotun Aderemi, the President’s Private Secretary, and addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

According to the letter, the approval followed a proposal from the FIRS requesting the application of a 15 percent duty on the Cost, Insurance, and Freight (CIF) value of imported petroleum products. The move is reportedly aimed at aligning import costs with prevailing market conditions and ensuring a more transparent pricing structure in the downstream sector.

Industry analysts, however, warn that the new import duty could trigger a rise in fuel prices nationwide. Projections suggest that the retail price of petrol may increase by approximately ₦99.72 per litre, further impacting transportation costs and inflation.