By PRESIDENT Bola Tinubu has approved the introduction of a 15 per cent ad-valorem import duty on petrol and diesel imports into Nigeria, in a move aimed at protecting local refineries and stabilising the downstream petroleum market.
The new tariff regime, however, is expected to push pump prices higher in the short term.
In a letter dated 21 October 2025 and addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the President directed the immediate implementation of the duty as part of a “market-responsive import tariff framework.”
The letter, signed by his Private Secretary, Damilotun Aderemi, conveyed Tinubu’s approval following a proposal from the Executive Chairman of the FIRS, Dr Zacch Adedeji.
The proposal recommended applying a 15 per cent duty on the cost, insurance and freight (CIF) value of imported petrol and diesel to align import costs with domestic market realities.
Adedeji, in his memo to the President, explained that the measure forms part of the administration’s ongoing fiscal and energy reforms aimed at boosting local refining capacity, ensuring price stability, and strengthening Nigeria’s naira-based oil economy.
He added that the initiative aligns with the government’s Renewed Hope Agenda for energy security, industrial growth and sustainable economic development.
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