President Bola Tinubu has given the green light for a 15 percent ad-valorem import duty to be applied on diesel and premium motor spirit (PMS), widely known as petrol.
The approval was communicated through a letter dated October 21, 2025, signed by Damilotun Aderemi, the President’s Private Secretary, and addressed to both the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
According to the correspondence, Tinubu’s directive came in response to a proposal from the FIRS seeking to impose the 15 percent duty on the cost, insurance, and freight (CIF) value of the products.
The measure, the FIRS explained, is intended to bring import pricing structures in line with prevailing domestic economic conditions.
Industry analysts have warned that the implementation of the new tariff could result in a price increase of approximately ₦99.72 per litre of petrol.
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In a related development, the Nigerian National Petroleum Company Limited (NNPCL) announced that it has begun an extensive review of operations at the country’s three major refineries as part of efforts to restore them to optimal capacity.
Providing an update on Wednesday night via his official X handle, the NNPCL Group Chief Executive Officer, Bayo Ojulari, revealed that one of the key strategies under consideration involves partnering with technical equity investors to “high-grade or repurpose” the refineries.
In the post titled “Update on Our Refineries,” Ojulari reaffirmed the company’s determination to restore productivity across its facilities, stating: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”
