Reported by: Oahimire Omone Precious | Edited by: Henry Owen | Stone Reporter News
President Bola Ahmed Tinubu has signed off on a 15% import duty on diesel and petrol, effective immediately. The new levy is part of the federal government’s ongoing fiscal reforms and is aimed at aligning import costs with domestic economic realities.
Analysts estimate that the measure could raise petrol prices by roughly ₦99.72 per litre, potentially affecting fuel distribution and retail costs nationwide.
The duty will be calculated based on the Cost, Insurance, and Freight (CIF) value of imported fuel. Enforcement and oversight will be jointly handled by the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure compliance across the supply chain.
The government maintains that the adjustment is intended to stabilize revenue generation and promote sustainability in the petroleum sector, while encouraging domestic refining and production initiatives.
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