Pump price to increase as President Tinubu approves 15 percent Import Duty on petrol, diesel imports
President Bola Tinubu has approved a 15% ad-valorem import duty on diesel and petrol (PMS), a move expected to impact pump prices nationwide.
The directive, issued in a letter dated October 21, 2025, by the President’s Private Secretary, Damilotun Aderemi, was addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
According to the letter, the decision followed a request from the FIRS to impose the 15% duty on the cost, insurance, and freight (CIF) value of fuel imports, in order to align import costs with current domestic market conditions.
Experts project that the new duty could push petrol prices up by about ₦99.72 per litre.
Meanwhile, the Nigerian National Petroleum Company Limited (NNPCL) announced that it has begun a comprehensive review of the country’s three refineries to restore them to full operational capacity.
