The Nigerian Presidency has confirmed that President Bola Tinubu has approved a 15 per cent import tariff on petrol and diesel, calling it a strategic move to promote local refining and reduce reliance on imported fuel. The announcement, made by Sunday Dare, the President’s Special Adviser on Media and Public Communications, describes the policy as “a bridge, not a burden,” designed to transform Nigeria’s energy sector and ensure long-term economic stability.
Dare emphasized that Nigeria, despite being one of the world’s leading crude oil producers, has long depended on imported refined petroleum. This dependency has drained foreign exchange, exported potential jobs, and discouraged domestic investment. “This new policy is designed to reverse that trend, encouraging local refining and ensuring that Nigeria’s oil wealth benefits the nation directly,” he said.
The 15 per cent tariff will make imported fuel less competitive, providing a market advantage to domestic refineries, including the Dangote Refinery, Port Harcourt Refinery, and several modular refineries under development. The government believes this measure will stimulate local production, attract investment, and create new employment opportunities within the petroleum sector.
Officials also assured Nigerians that as domestic refining capacity increases, fuel supply will stabilize and pump prices are expected to moderate over time. “As local refining ramps up, the downstream sector will benefit from new jobs, industrial growth, and investment inflows,” Dare added, stressing that the policy is intended to move Nigeria from dependence to energy independence.
The tariff is set to take effect after a 30-day transition period ending on November 21, 2025. While some petroleum marketers have warned that fuel prices could temporarily exceed ₦1,000 per litre, the government maintains that short-term adjustments are necessary to protect local refineries and secure long-term economic benefits for the nation.