A fifteen percent ad-valorem import duty on diesel and premium motor spirit (PMS), petrol has been approvedby President Tinubu.
According to the announcment made by Damilotun Aderemi, the President’s Private Secretary to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
PUNXH reported that, President’s decision followed a request from the FIRS to apply the 15 percent duty on the cost, insurance, and freight (CIF) value, aimed at aligning import costs with domestic realities.
With the implementation of the new import duty, the price of petrol is expected to rise by an estimated N99.72 per litre.
