Tinubu okays 15% import duty on petrol, diesel, raising fears of price hike
President Bola Tinubu has approved the introduction of a 15 per cent ad-valorem import duty on Premium Motor Spirit (PMS), popularly known as petrol, and Automotive Gas Oil (AGO), commonly referred to as diesel.
The directive, contained in a letter dated October 21, 2025, and signed by Damilotun Aderemi, the President’s Private Secretary, was 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 request from the FIRS to impose the duty on the cost, insurance, and freight (CIF) value of imported petroleum products. The agency explained that the decision was aimed at aligning import costs with prevailing domestic economic realities.
“The President has approved the application of a 15 per cent ad-valorem import duty on the CIF value of imported diesel and premium motor spirit (PMS),” the document stated.
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Industry experts warn that the new tariff could raise the landing cost of petrol by about ₦99.72 per litre, a development likely to affect pump prices nationwide.
As of the time of filing this report, neither the FIRS nor the NMDPRA had released an official statement specifying when the new duty would take effect.
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