President Bola Ahmed Tinubu has approved the introduction of a 15% ad-valorem import duty on premium motor spirit (PMS), commonly known as petrol, and diesel.
This development marks a significant shift in the nation’s fuel pricing framework and is expected to impact pump prices nationwide.
The approval was communicated through a letter dated October 21, 2025, signed by Damilotun Aderemi, the President’s Private Secretary, and directed to both the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
According to the correspondence, the directive follows a recommendation by the FIRS to apply a 15% duty based on the cost, insurance, and freight (CIF) value of imported petroleum products. The move, government sources say, is aimed at aligning fuel import costs with prevailing market realities and strengthening revenue inflows.
With this policy now in effect, industry analysts estimate that the pump price of petrol could rise by approximately ₦99.72 per litre, further intensifying discussions around fuel pricing and subsidy removal in Nigeria.
(TheCable)
