Pump price to increase as President Tinubu approves 15 percent Import Duty on petrol, diesel impor

 

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

 

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

 

The President's decision followed a request from the FIRS to apply the 15 percent duty on the cost, insurance, and freight (CIF) value, aimed at aligning import costs with domestic realities.

 

 

With the implementation of the new import duty, the price of petrol is expected to rise by an estimated N99.72 per litre.

 

 

Following the announcement, the Nigerian National Petroleum Company Limited (NNPCL) disclosed that it has commenced a comprehensive review of the nation’s three petroleum refineries to bring them back to operation.