Peter Johnson, Abuja

President Bola Tinubu has approved a 15% ad-valorem import duty on petrol and diesel imported into Nigeria, aiming to protect domestic refineries and stabilize the downstream oil sector.

The directive, dated October 21, 2025, instructs the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to enforce the tariff immediately.

According to FIRS Chairman Zacch Adedeji, the move supports Nigeria’s “Renewed Hope Agenda” for energy security and economic stability. The tariff will operationalize crude transactions in local currency, strengthen local refining capacity, and ensure a stable supply of petroleum products.

The 15% duty is expected to raise petrol landing costs by about ₦99.72 per litre, nudging imported prices toward local cost-recovery levels without inflating consumer prices excessively. Estimated Lagos pump prices will remain around ₦964.72 per litre, still below regional averages.

This decision aligns with Nigeria’s efforts to reduce reliance on imports and boost domestic refining output, with the Dangote Refinery and modular refineries in Edo, Rivers, and Imo states contributing to local production.