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Fuel Price Hike: President Tinubu Approves 15% Import Duty on Petrol and Diesel
In a move expected to impact fuel prices, President Bola Tinubu has approved a 15% ad-valorem import duty on diesel and premium motor spirit (PMS), commonly known as petrol. The decision, conveyed in a letter to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NM) and signed by the President’s Private Secretary, Damilotun Aderemi, the new duty is aimed at aligning import costs with domestic realities.
The implementation of the new import duty is expected to lead to an increase in the price of petrol, with an estimated rise of N99.72 per litre. The Nigerian National Petroleum Company Limited (NNPCL) has announced a comprehensive review of the nation’s three petroleum refineries to bring them back to operation.
The fuel price hike is likely to have a significant impact on the cost of living, transportation, and businesses. Nigerians may need to adjust their budgets and plans accordingly. The government hopes that the increased revenue from the import duty will be used to support the economy and improve the lives of citizens.
The approval of the 15% import duty on petrol and diesel is a significant development that will likely have far-reaching consequences for the economy and citizens. As the situation unfolds, it will be interesting to see how the government and stakeholders respond to the challenges and opportunities presented by this policy change.
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