National News
BREAKING: Tinubu approves 15% import duty on Petrol, Diesel
President Bola Tinubu has given the green light for a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), commonly called petrol.
The approval, communicated in a letter dated October 21, 2025, by the President’s private secretary, Damilotun Aderemi, was sent to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The move follows a request by FIRS to impose a 15 percent duty on the cost, insurance, and freight (CIF) value of petroleum imports. Authorities said the decision aims to bring import costs in line with the current domestic market conditions.
Officials indicated that the new duty is expected to raise the pump price of petrol by about N99.72 per litre.
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