News Update

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.

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According to the letter, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.