President Bola Tinubu has approved a 15 per cent import duty on diesel and petrol.
This follows a request by the Federal Inland Revenue Service (FIRS) to apply the 15 per cent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.
The import duty would be ad-valorem, that is in proportion to the estimated value of the goods or transaction.
The approval was conveyed in a letter dated October 21, 2025, and signed by the private secretary to the president, Damilotun Aderemi, and addressed to the FIRS and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
According to the letter, the implementation of the import duty will increase the price of a litre of petrol by an estimated N99.72 kobo.
