President Bola Tinubu has approved the imposition of a 15 per cent ad-valorem import duty on premium motor spirit (PMS), also known as petrol, and automotive gas oil (AGO), commonly called diesel.
The directive was contained in a letter dated October 21, 2025, and signed by Damilotun Aderemi, the Private Secretary to the President. The letter, addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), conveyed the president’s approval for the new tariff.
According to the correspondence, the decision followed a request by FIRS to apply the 15 per cent duty on the cost, insurance, and freight (CIF) value of the imported products. The move, FIRS explained, was intended to “align import costs with domestic economic realities.”
“The President has approved the application of 15 per cent ad-valorem import duty on the cost, insurance, and freight (CIF) value of imported diesel and premium motor spirit (PMS),” the letter stated.
The implementation of the new import duty is expected to increase the landing cost of petrol by approximately ₦99.72 per litre, potentially impacting pump prices across the country.
As of press time, neither the NMDPRA nor the FIRS had issued a public statement on the effective date of implementation of the new tariff.
