President Bola Tinubu has approved the implementation of a 15 per cent import duty on diesel and petrol, with immediate effect. The new tariff is aimed at aligning import costs with domestic market realities and could increase petrol pump prices by approximately N99.72 per litre.

According to a letter dated October 21, 2025, and made public on October 30, 2025, the directive 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, conveyed Tinubu’s approval following a proposal by the Executive Chairman of the FIRS, Zacch Adedeji.

The approved tariff, described as part of a “market-responsive import tariff framework,” is expected to protect local refineries, stabilise the downstream market, and strengthen Nigeria’s oil-based economy.

However, analysts warn that it may also lead to a further rise in fuel prices and inflationary pressure.

In his memo to the President, Adedeji explained that the policy forms part of broader fiscal and energy reforms designed to boost local refining, ensure price stability, and promote the use of the naira in crude oil transactions.

“The core objective of this initiative is to operationalise crude transactions in local currency, strengthen local refining capacity, and ensure a stable, affordable supply of petroleum products across Nigeria,” Adedeji stated.

The move aligns with the Tinubu administration’s Renewed Hope Agenda, which prioritises energy security, economic diversification, and fiscal sustainability.