Pump Price To Increase As President Tinubu Approves 15 Percent Import Duty On Petrol, Diesel Imports

President Bola Tinubu has authorized a 15 percent ad valorem import tariff on diesel and premium motor spirit (PMS), which is widely referred to as petrol.

This authorization was communicated via a document dated October 21, 2025, from Damilotun Aderemi, serving as the President’s Private Secretary, addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The determination by the President came in response to a proposal submitted by the FIRS, seeking to impose the 15 percent tariff on the cost, insurance, and freight (CIF) valuation, with the objective of synchronizing import expenses with local conditions.

Upon the rollout of this fresh import tariff, the cost of petrol is projected to increase by approximately N99.72 for each litre.

In the wake of this revelation, the Nigerian National Petroleum Company Limited (NNPCL) revealed that it has initiated a thorough assessment of the country’s three petroleum refineries in order to restore them to functionality.

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli