President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), commonly known as petrol.
In a letter dated October 21, 2025, Damilotun Aderemi, the president’s private secretary, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The approval followed a request from FIRS to apply the 15 percent duty on the cost, insurance, and freight (CIF) value of imports, aimed at aligning import costs with domestic market realities.
According to the letter, the implementation of the import duty is expected to raise the price of a litre of petrol by approximately N99.72.
The article was originally published on Politics Nigeria.
