Nigerians will pay an additional amount of about N1tn (N973.6bn) annually on petrol imports following the Federal Government’s planned introduction of a 15 per cent import tariff on Premium Motor Spirit (petrol), a price analysis conducted by The PUNCH has shown.
According to a petrol import trend report obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigeria imported an average of 26.75 million litres of petrol daily between January and September 2025.
At a projected import tariff rate of N99.72 per litre, as stated in the presidential approval letter for the 15% tariff, the amount that would be spent as tariff for the 26.75 million litres would be about N2.67bn daily.
When computed over a full year, this adds up to a staggering N973.64bn, which Nigerians will ultimately bear through higher pump prices once the policy is implemented. This amount, while representing additional revenue for government coffers, will translate to a direct increase in fuel expenses for households, transporters, and businesses nationwide.
President Bola Tinubu’s approval of a 15 per cent import policy on PMS and diesel has stirred widespread concern across the oil and gas sector, with operators warning it could raise petrol prices, worsen inflation, and increase import costs, even as the government insists the policy aims to boost local refining and generate revenue.
The President’s approval was conveyed in a letter signed by his Private Secretary, Damilotun Aderemi, following a proposal submitted by the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji.
The proposal sought the application of a 15 per cent duty on the cost, insurance, and freight value of imported petrol and diesel to align import costs with domestic market realities.