Tinubu ratifies 15% import duty on petrol, diesel

President Bola Tinubu has approved a 15 per cent ad-valorem import duty on petrol and diesel imports into Nigeria.

The decision is to protect local refineries and stabilise the downstream market. However, it is also likely to result in an increase in pump prices.

Tinubu directed the implementation of the tariff, calling it a “market-responsive import tariff framework” in a letter dated October 21, 2025, and made public on October 30, 2025.

Signed by Damilotun Aderemi, the letter contains the president’s approval after a proposal by the Executive Chairman of the FIRS, Zacch Adedeji.

In his memo to Tinubu, Adedeji elaborated that the measure was part of ongoing reforms to boost local refining, ensure price stability, and strengthen the naira-based oil economy in line with the administration’s Renewed Hope Agenda for energy security and fiscal sustainability.

“The core objective of this initiative is to operationalise crude transactions in local currency, strengthen local refining capacity, and ensure a stable, affordable supply of petroleum products across Nigeria.

“While domestic refining of petrol has begun to increase and diesel sufficiency has been achieved, price instability persists, partly due to the misalignment between local refiners and marketers,” the FIRS boss said.

Source: The Sun