President Bola Tinubu has signed off on the imposition of a 15% ad-valorem import tariff on gasoline and diesel imports, a move that might propel a further rise. Pricing of petroleum products from Nigerian pumps.
Transmitted to the Federal Inland Revenue Service (FIRS) and the President’s Private Secretary, Damilotun Aderemi, the directive dated October 21, 2025, Authority of Nigerian Midstream and Downstream Petroleum Regulation (NMDPRA).
The News Chronicle gathered the president’s authorization for the formal request from the FIRS, which sought to match import costs with local conditions by imposing the fifteen percent tax on the CIF (cost, insurance, freight) value of imported petrol and diesel. According to preliminary estimates, this change might raise the pump price of petrol by roughly ₦99.72 per litre.
In reaction to this change in fiscal policy, the Nigerian National Petroleum Company Limited (NNPCL) has increased efforts to rehabilitate the nation’s idle refineries.
Bayo Ojulari, CEO of the company, announced on his official X handle that technical equity partners are being contracted either to “high-grade or repurpose” its refining plants.
He pointed out that, years of upkeep setbacks and significant capital outlays notwithstanding, NNPCL is still upbeat about returning to complete refinery operations.
Although Nigeria has reportedly spent $3 billion on turnaround maintenance, its refineries, Port Harcourt, Warri, and Kaduna, have had trouble maintaining regular output. While the others mostly remain inactive, the 60,000-barrel-per-day Port Harcourt unit operated briefly before shutting down once again.
According to the National Bureau of Statistics (NBS), Nigeria spent more than ₦4 trillion on fuel imports in the first half of 2025. alone: ₦1.76 trillion in the first quarter and 2.3 trillion in the second. This statistic emphasizes the great dependency of the nation on imports, which has eaten into foreign reserves and exacerbated naira volatility.
Though customers are getting ready for immediate cost effects, industry analysts think the new import duty might encourage local refining and lower reliance on foreign fuel supplies over time.
