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

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With President Bola Tinubu approving a 15% ad valorem import charge on automobile gas oil (diesel) and premium motor spirit (PMS), commonly referred to as gasoline, a new fuel price increase is imminent.

The Guardian claims that this was revealed in a letter dated October 21, 2025, in which Tinubu’s approval was communicated to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Inland Revenue Service (FIRS) by Damilotun Aderemi, the president’s private secretary.

After the FIRS requested that the 15% tariff on cost, insurance, and freight (CIF) be applied in order to bring import costs into line with domestic realities, Tinubu granted his permission.

The present price of a litre of petrol and diesel in Abuja will rise by an estimated N99.72 kobo with the approval of the import duty, from N950 to N960 per litre to N1,120 to N1,140 for diesel.

When this is put into effect, most filling stations that depend on importers would see their petrol prices rise to more than N1,000 a litre.

The entire PMS supply for August 2024 and October 2025 was 21.68 billion liters, according to recent data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority. According to the research, 15.01 billion liters of gasoline, or 69% of the total, are imported, while just 6.67 billion liters, or 31%, come from nearby refineries (Dangote Refinery).

This indicates that most Nigerians continue to rely significantly on imported gasoline.

According to fuel pricing charges published by the Major Energy Marketers Association of Nigeria, the land cost of imported petroleum was N839.97 per litre as of October 21st, 2025, which was less than the ex-depot price of N877 per litre at Dangote Refinery.

Dangote Refinery’s gasoline benefits from the import duty levy on gasoline and fuel.

Dangote Refinery and depot owners raised their ex-depot pricing, which caused fuel prices to soar across the country in the past two weeks.

The adoption of the import duty levy coincides with a recent instruction from FIRS requiring banks, stockbrokers, and other financial institutions to withhold 10% of interest received from short-term securities.

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