Fresh fuel price hike looms as Tinubu approves 15 per cent import duty on petrol, diesel

Fuel Price May Go Up – Marketers

Major marketers of petroleum products yesterday warned that the introduction of the 15 per cent import duty on petrol and diesel could signal another round of fuel price increase. The approval of the duty by President Bola Ahmed Tinubu is causing division in the downstream sector of the oil and gas industry with some economic experts applauding the move as a welcome development aimed at discouraging importation of petroleum products and supporti…

Tinubu slaps 15% tariff on imported petrol, diesel - Nigerians may pay more

President Bola Tinubu has approved a new 15% import duty on petrol and diesel, a move expected to raise the landed cost of imported fuel and possibly lead to higher pump prices nationwide. The decision, confirmed in a letter from the presidency, marks a major shift in Nigeria’s energy policy as the government moves to protect local refiners and reduce reliance on imported petroleum products. According to a memo from Federal Inland Revenue Servic…

Nigeria’s petrol import tax risks new inflation spike

The NewsNigerian President Bola Tinubu approved a new tax on refined fuels imported to the country, in a bid to protect local oil refineries and “reinforce national energy security,” even as the move will increase retail fuel prices, according to a signed document seen by Semafor and an interview with a government official.The 15% tariff on the value of refined petrol and diesel imported into the country was approved earlier this month. Nigeria’…

Fresh fuel price hike looms as Tinubu approves 15 per cent import duty on petrol, diesel

A fresh fuel price hike looms as President Bola Tinubu has approved a 15 per cent ad valorem import duty on automotive gas oil (diesel) and premium motor spirit (PMS), also known as petrol. According to The Guardian, this was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstrea…

15% fuel import duty in Nigeria’s best interest – Presidency

The Presidency has clarified that the new 15 per cent import duty on petrol and diesel is a strategic measure, not a burden on Nigerians, intended to foster the country’s energy independence. In a detailed post on X, Presidential Special Adviser Sunday Dare called the tariff a “bold and strategic move” aimed at ending Nigeria’s long-term reliance on imported fuel. Dare explained that, despite being a major crude oil producer, Nigeria’s heavy rel…

CORAN Backs 15% Fuel Import Duty, Says Policy Will Grow Jobs, Refineries

Chairman of the Crude Oil Refinery Owners Association of Nigeria (CORAN), Momoh Oyarekhua, has applauded President Bola Tinubu’s approval of a 15 percent import duty on petrol and diesel, describing it as a strategic policy that will strengthen local refining, ease pressure on foreign exchange, and generate employment He said the new policy will strengthen local refineries, reduce pressure on foreign exchange, and create more jobs for Nigerians.…