President Bola Ahmed Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), popularly known as petrol, TheCable reports.
The approval was communicated in a letter dated October 21, 2025, signed by Damilotun Aderemi, the President’s Private Secretary, addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The letter indicated that the president granted the approval following a request from FIRS to impose the 15 percent duty on the cost, insurance, and freight (CIF) value of imported petroleum products, aimed at aligning import costs with domestic economic realities.
According to the letter, the implementation of the import duty is expected to raise the cost of a litre of petrol by about N99.72.