Nigeria has approved a 15% import duty on petrol and diesel, according to a presidential memo seen by Reuters on Thursday, as the government seeks to protect multi-billion-dollar investments in domestic refining by curbing an influx of cheaper fuel.<\/p>\n
The measure is part of broader fiscal reforms aimed at boosting non-oil revenues ahead of planned tax changes in 2026, the government said. It follows last year’s removal of fuel subsidies and foreign exchange controls.<\/p>\n
“This reform will accelerate Nigeria’s path toward fuel self-sufficiency, protect consumers and investors alike, and stabilize the downstream petroleum market,” the memo stated.<\/p>\n
President Bola Tinubu signed off on the new import duty on October 21.<\/p>\n
Nigeria, Africa’s top oil producer, has long sought to end its reliance on imported fuel.<\/p>\n
That ambition got a boost last year when the 650,000 barrels-per-day Dangote refinery began operations. However, the refinery – Africa’s largest, built at a cost of $20 billion – has faced competition from imported products priced below cost recovery, the memo added.<\/p>\n
Pump prices currently stand at around 928 naira ($0.6322) per litre. Officials estimate the duty could raise prices by around 99 naira.<\/p>\n
Nigeria has experienced fuel shortages in the past due to supply challenges.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigeria has approved a 15% import duty on petrol and diesel, according to a presidential memo seen by Reuters on Thursday, as the government seeks to protect multi-billion-dollar investments in domestic refining by curbing an influx of cheaper fuel. The measure is part of broader fiscal reforms aimed at boosting non-oil revenues ahead of planned […]<\/p>\n","protected":false},"author":1,"featured_media":13346,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_comment_section":"1","number_popup_post":"1","show_post_related":"1","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","source_name":"Reuters","subtitle":""},"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2831,2362,27],"tags":[196,1096,175],"class_list":["post-18444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","category-featured","category-west-africa","tag-bola-tinubu","tag-dangote-refinery","tag-nigeria"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/18444","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=18444"}],"version-history":[{"count":0,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/18444\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/13346"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=18444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=18444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=18444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}