President Bola Ahmed Tinubu has approved the introduction of a 15 percent ad-valorem import duty on Premium Motor Spirit, PMS, and Automotive Gas Oil (diesel), as part of a new market-responsive tariff framework aimed at safeguarding Nigeria’s emerging refining industry and stabilising the downstream petroleum market.
According to a State House memorandum sighted by SweetCrude Reports, and addressed to the Attorney-General of the Federation, the Executive Chairman of the Federal Inland Revenue Service, FIRS, and the Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, the President granted approval for the implementation of the tariff after reviewing recommendations from a detailed policy paper submitted on October 10, 2025.Read Original