The depot price of Premium Motor Spirit (PMS), also known as petrol, has risen to N889 per litre, sparking fresh concerns among Nigerians over possible further increases once the newly approved 15 per cent fuel import duty takes effect later this month.
Market data obtained on Friday showed that Matrix Energy sold petrol at the highest rate of N889 per litre, while Aiteo offered the lowest at N871 per litre.
Other major operators such as Dangote Petroleum Refinery, Eterna, AA Rano and AYM Ashafa sold at N877, N874, N871 and N885 per litre respectively.
Industry operators have cautioned that the pump price of petrol could rise above N1,000 per litre once the tariff policy is implemented after the 30-day transition window, which ends on November 21, 2025.
The National President of the Petroleum Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Billy Gillis-Harry, said the association was ready to cooperate with the Federal Government to ensure a smooth implementation of the policy.
“This is a new measure that has not been implemented before. From all indications, the government has good intentions, and we are willing to cooperate to ensure it is done without disrupting business operations,” he said.
According to the Federal Government, the new import duty aims to enhance national energy security, protect local refining capacity, stabilise the downstream market and promote competitive pricing.
It explained that the ad-valorem import duty of 15 per cent on petrol and diesel would be calculated based on the Cost, Insurance and Freight (CIF) value at discharge.
“The tariff is not revenue-driven but corrective, designed to align import costs with domestic realities while preserving affordability,” the government said in a statement.
All payments under the new policy are to be made into a designated Federal Government account managed by the Nigeria Revenue Service (NRS), with verification by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) before clearance.
President Bola Tinubu approved the implementation of the 15 per cent duty on petrol and diesel after the transition period.
He also directed the NMDPRA and the Nigeria Customs Service (NCS) to issue the necessary regulations and prioritise local production before issuing import licences.
The president further ordered a periodic review of the tariff rate to ensure it remains relevant, with adjustments to be made as domestic refining capacity expands.