Price of petrol to go up as Tinubu Approves 15% Import Duty on Petrol and Diesel
By Paul Ebi
President Bola Tinubu has approved a 15 percent ad-valorem import duty on premium motor spirit (PMS), commonly known as petrol, and automotive gas oil (AGO), also known as diesel.
The approval was contained in a letter dated October 21, 2025, and signed by Damilotun Aderemi, Private Secretary to the President. The directive was addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
According to the letter obtained by TheCable, the President’s approval followed a request by the FIRS seeking to apply a 15 percent duty on the cost, insurance, and freight (CIF) value of imported fuel products. The move is intended to “align import costs to domestic realities” and improve government revenue amid ongoing fiscal reforms.
Economic analysts say the new import duty could push up pump prices, as the implementation is projected to increase the cost of a litre of petrol by approximately ₦99.72.
The development comes amid sustained public concern over rising fuel prices and inflationary pressures across the country. Industry observers have warned that the new levy may further impact transportation costs and general living expenses unless accompanied by measures to cushion its effects on consumers.
