President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and Premium Motor Spirit (PMS), commonly known as petrol — a move expected to push fuel prices higher and intensify the economic hardship already gripping Nigerians.
The approval was contained in a letter dated October 21, 2025, signed by Damilotun Aderemi, the President’s Private Secretary, and addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
According to the letter, Tinubu’s decision followed a request from the FIRS to apply a 15 percent duty on the cost, insurance, and freight (CIF) value of imported petroleum products. The measure, the letter noted, is aimed at “aligning import costs with domestic realities” as part of the government’s fiscal reforms.
Economic analysts have warned that the policy could worsen inflation and further increase transportation and commodity prices nationwide. Preliminary estimates suggest that the pump price of petrol could rise by ₦99.72 per litre once the new duty takes effect.
Meanwhile, the Nigerian National Petroleum Company Limited (NNPCL) has announced the commencement of a comprehensive review of the nation’s three petroleum refineries to bring them back to full operation.
In a post on his official X handle on Wednesday night, the NNPCL Group Chief Executive Officer, Bayo Ojulari, revealed that one of the strategies under consideration is the engagement of technical equity partners to “high-grade or repurpose” the refineries for better performance.
In his update titled “Update on Our Refineries,” Ojulari wrote:
“The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”
While the presidency insists the import duty is a necessary step toward fiscal sustainability, many Nigerians view it as another blow to household survival — coming at a time of widespread inflation, job losses, and rising poverty across the country.
