President Bola Tinubu has given the green light for the implementation of a 15 percent ad-valorem import duty on petrol and diesel brought into Nigeria.

The move is expected to protect domestic refineries and promote stability in the downstream oil sector.

In a directive dated October 21, 2025 — made public on Wednesday — Tinubu ordered the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to immediately begin enforcing the tariff. The decision, according to the government, forms part of a new “market-responsive import tariff framework.”

The letter, signed by the president’s private secretary, Damilotun Aderemi, confirmed Tinubu’s approval of a proposal submitted by FIRS Chairman Zacch Adedeji.

The plan recommends a 15 per cent duty on the cost, insurance, and freight (CIF) value of imported petrol and diesel to reflect true market conditions and encourage local production.

Adedeji explained in his memo that the initiative was designed to support Nigeria’s “Renewed Hope Agenda” for energy security and economic stability.

“The core objective of this initiative is to operationalise crude transactions in local currency, strengthen local refining capacity, and ensure a stable, affordable supply of petroleum products across Nigeria,” Adedeji stated.

The FIRS boss cautioned that the disparity between locally refined fuel prices and import parity benchmarks has fueled market volatility.

“While domestic refining of petrol has begun to increase and diesel sufficiency has been achieved, price instability persists, partly due to the misalignment between local refiners and marketers,” he wrote.

Adedeji pointed out that import parity pricing often falls below cost recovery levels for domestic refiners, especially amid foreign exchange and freight fluctuations — a situation that threatens the viability of emerging local producers.

He added that the government now faces a “twofold” responsibility “to protect consumers and domestic producers from unfair pricing practices and collusion, while ensuring a level playing field for refiners to recover costs and attract investments.”

Adedeji emphasised that the new tariff system will prevent duty-free fuel imports from undermining local refineries and promote a fair, competitive downstream sector.

In a stunning development that’s sending ripples through the global energy market, the Dangote Refinery in Nigeria is dramatically expanding its production capacity.

Originally designed to process 650,000 barrels of crude oil per day, the refinery is now slated to reach a staggering 1.4 million barrels per day, making it, by far, the largest refinery in the world.

This ambitious expansion marks a significant milestone for the African continent and promises to reshape the landscape of oil refining.

The increased capacity is expected to:

***Boost Nigeria’s Economy

***Generate substantial revenue and create numerous jobs.

***Reduce Reliance on Imports

***Significantly decrease Nigeria’s dependence on imported refined petroleum products, saving billions of dollars

***Impact Global Oil Supply

***Contribute significantly to the global supply of refined products, potentially influencing prices and market dynamics

***Catalyze Industrial Growth

***Spur further industrial development and investment in related sectors.

The announcement has been met with excitement and anticipation, as the world watches the Dangote Refinery solidify its position as a key player in the global energy arena.

Dangote Group has denied owning the truck that crushed a pregnant woman, a child, and six others to death in an accident in Akungba-Akoko, Akoko South-West Local Government Area of Ondo State.

The company issued the clarification in a statement on its X account on Wednesday.

The statement followed reports that a cement-laden truck suffered brake failure and rammed into traders and other road users.

Reacting, Dangote Group said the truck involved in the tragic incident does not belong to the group or any of its subsidiaries.

It added that vehicle registration records confirm the truck is owned and operated by an independent logistics company with no affiliation to Dangote Group.

“Dangote Group has refuted reports circulating on social media and in some online platforms linking it to a truck involved in a road accident in Akungba-Akoko, Akoko South-West Local Government Area of Ondo State.

“The company wishes to make it categorically clear that the truck involved in the unfortunate incident does not belong to Dangote Group or any of its subsidiaries.

“Verified vehicle registration details confirm that the truck with Plate No. JJJ 365 XB is owned and operated by an independent logistics company with no affiliation to Dangote Group,” the statement reads.