Tinubu Approves 15% Import Duty on Petrol and Diesel to Protect Local Refineries

President Bola Tinubu has approved the introduction of a fifteen percent ad-valorem import duty on petrol and diesel imports into Nigeria.

The initiative is aimed at protecting local refineries and stabilising the downstream market, but it is likely to raise pump prices.

The letter, signed by his Private Secretary, Damilotun Aderemi, conveyed the President’s approval following a proposal by the Executive Chairman of the FIRS, Zacch Adedeji.

Adedeji, in his memo to the President, explained that the measure was part of ongoing reforms to boost local refining, ensure price stability, and strengthen the naira-based oil economy.