President Bola Tinubu has given the green light for the implementation of a 15 per cent import duty on petrol and diesel, a move that is expected to significantly impact fuel prices across Nigeria.
The presidential approval was communicated to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) through a letter signed by Damilotun Aderemi, the private secretary to the president.
The letter, dated October 21, 2025, was issued in response to a request from FIRS seeking to impose the duty on cost, insurance, and freight (CIF) values of imported petroleum products. The tax agency argued that the measure would help align import costs with domestic economic realities.
According to the directive, the new import duty will apply to both premium motor spirit (PMS), commonly known as petrol, and diesel products brought into the country.
The implementation of the 15 per cent duty is projected to add approximately ₦99.72 to the price of every litre of petrol, potentially pushing pump prices higher at a time when Nigerians are already grappling with elevated fuel costs.
The development is likely to trigger fresh concerns about the cost of living, as transportation fares and the prices of goods and services typically rise in tandem with fuel price increases.
Further details on the implementation timeline and the full scope of the policy are expected to emerge in the coming days.
