President Bola Ahmed Tinubu has approved a 15 percent ad-valorem import duty on petrol and automotive diesel, a move aimed at strengthening Nigeria’s local refining capacity and stabilising the downstream petroleum sector.

The directive, signed by the President’s Private Secretary, Damilotun Aderemi, on October 21, was addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

According to the letter, the levy will be calculated on the cost, insurance, and freight (CIF) value of imported petroleum products.

The implementation of the new tariff comes as the federal government continues its broader economic reforms under the Renewed Hope Agenda, focusing on fiscal consolidation and industrial growth.