President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.
In a letter dated October 21, 2025, Damilotun Aderemi, the
private secretary to the president, conveyed Tinubu’s approval to the Federal
Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream
Petroleum Regulatory Authority (NMDPRA).
Tinubu gave the approval after a request by FIRS to apply
the 15 percent duty on the cost, insurance and freight (CIF) to align import
costs to domestic realities.
According to the letter, the implementation of the import
duty will increase a litre of petrol by an estimated N99.72 kobo.
More to follow…
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