The letter, signed by the President’s Private Secretary, Damilotun Aderemi, followed a proposal from the FIRS Executive Chairman, Zacch Adedeji, recommending the new tariff

By Titilope Adako

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

The approval was contained in a letter dated October 21, 2025, and made public on October 30. It was addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The letter, signed by the President’s Private Secretary, Damilotun Aderemi, followed a proposal from the FIRS Executive Chairman, Zacch Adedeji, recommending the new tariff.

According to the proposal, the 15 per cent duty will be applied to the cost, insurance, and freight (CIF) value of imported petrol and diesel to align import costs with domestic market realities.

Adedeji explained that the measure was part of ongoing reforms to promote local refining, stabilise prices, and strengthen Nigeria’s oil economy under the Renewed Hope Agenda.

“The main goal of this initiative is to operationalise crude oil transactions in local currency, enhance local refining capacity, and ensure a steady and affordable fuel supply across the country,” he stated.

He also noted that the gap between locally refined products and import parity pricing has caused price instability in the market.

“While domestic refining of petrol is rising and diesel sufficiency has been achieved, price instability persists, partly due to the misalignment between local refiners and marketers,” Adedeji added.