Tinubu approves 15% import duty on diesel, petrol imports

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), commonly known as petrol.

The approval was contained in a letter dated October 21, 2025, where Damilotun Aderemi, the Private Secretary to the President, conveyed the directive to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

According to the letter, the decision followed a request by the FIRS seeking the president’s consent to apply a 15 percent duty on the cost, insurance, and freight (CIF) value of imported petrol and diesel to align import costs with domestic realities.

With this approval, the implementation of the new import duty is projected to increase the pump price of petrol by approximately N99.72 per litre.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

In an update shared on his official X handle on Wednesday, NNPCL Group Chief Executive Officer, Bayo Ojulari, said the company is exploring multiple strategies to revive the facilities, including seeking technical equity partners to either “high-grade or repurpose” the refineries.

“The NNPCL remains optimistic that the refineries will operate efficiently despite current setbacks,” Ojulari stated in the post titled“Update on Our Refineries.” 

Despite several years of turnaround maintenance efforts and an estimated $3 billion spent on revamping the facilities, Nigeria’s refineries have remained largely unproductive.

The 60,000-barrel-per-day section of the Port Harcourt refinery operated briefly before shutting down again, while the Warri refinery has been mostly inactive despite official claims of resumption. The Kaduna refinery, on the other hand, has yet to begin operations.