President Bola Tinubu has approved a 15% ad-valorem import duty on both diesel and premium motor spirit (PMS), commonly known as petrol.
The approval was communicated in a letter dated October 21, 2025, signed by Damilotun Aderemi, Private Secretary to the President, and addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
According to the letter, the decision followed a request from the FIRS to apply the 15% duty on the cost, insurance, and freight (CIF) value of imported fuel products, in order to align import expenses with domestic market realities. The move is expected to raise the pump price of petrol by approximately ₦99.72 per litre.
In response to the development, the Nigerian National Petroleum Company Limited (NNPCL) announced that it has commenced a comprehensive review of the nation’s three refineries with the aim of restoring full operations.
Bayo Ojulari, NNPCL’s Group Chief Executive Officer, disclosed this via his official X (formerly Twitter) handle on Wednesday night. He revealed that the company is considering partnerships with technical equity investors to either upgrade or repurpose the facilities.
In a post titled “Update on Our Refineries”, Ojulari expressed optimism, stating:
“The NNPCL remains committed and optimistic that our refineries will operate efficiently despite current challenges.”
It would be recalled that, despite an investment of roughly $3 billion in refinery rehabilitation projects, only a 60,000-barrel-per-day segment of one facility operated briefly before shutting down. The Warri refinery has remained largely inactive weeks after it was declared operational, while the Kaduna refinery has yet to begin production at all.
