President Tinubu Introduces 15% Import Duty on Petrol and Diesel

Meanwhile, President Bola Tinubu has approved the introduction of a 15 per cent import duty on petrol and diesel imports into Nigeria.

The initiative is aimed at protecting local refineries and stabilising the downstream market, but it is likely to raise pump prices.

In a letter dated October 21, 2025, and reported publicly today and addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Tinubu directed immediate implementation of the tariff as part of what the government described as a “market-responsive import tariff framework.”

The letter, signed by his Private Secretary, Damilotun Aderemi, conveyed the President’s approval following a proposal by the Executive Chairman of the FIRS, Zacch Adedeji.

The proposal sought the application of a 15 per cent duty on the cost, insurance and freight 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 was part of ongoing reforms to boost local refining, ensure price stability, and strengthen the naira-based oil economy in line with the administration’s Renewed Hope Agenda for energy security and fiscal sustainability.

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