JUST IN: Fuel prices to rise as President Tinubu approves 15% import duty on petrol and diesel

‎President Bola Ahmed Tinubu has approved a 15 percent import duty on petrol and diesel, a move expected to increase fuel prices across Nigeria.
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‎The decision was communicated in a letter dated October 21, 2025, from his private secretary, Damilotun Aderemi, to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
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‎The import duty applies to the cost, insurance, and freight (CIF) of diesel and premium motor spirit (PMS), also known as petrol. Experts estimate this will add about N99.72 kobo per litre to petrol, further increasing the cost burden on consumers.
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‎Following the announcement, the Nigerian National Petroleum Company Limited (NNPCL) revealed it has begun a comprehensive review of the country’s three refineries, aiming to bring them back to full operational status.
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‎Bayo Ojulari, Group Chief Executive Officer of NNPCL, disclosed on his official X page that the company is exploring options to partner with technical equity investors who can help upgrade or repurpose these facilities. He remains optimistic, that despite current setbacks, they believe the refineries can operate efficiently.
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‎The country has invested approximately $3 billion in refinery upgrades, but so far, results have been disappointing. The Warri refinery briefly operated at a skeletal capacity of 60,000 barrels per day before shutting down again.
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‎The Kaduna refinery has yet to commence operations since its revamp.Since the fuel subsidy removal in 2023, petrol prices have surged over 400 percent, from under N200 to nearly N1,000 per litre. The recent import duty increase threatens to push costs even higher, increasing pressure on Nigerians already struggling with rising living expenses.
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‎The government faces pressure to repair refineries and stabilize supply, but many Nigerians worry about the potential impact on inflation and daily costs.Are Nigerians ready for this new hike in fuel prices? Share your thoughts in the comment section below.
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