…Forcing Fuel Prices to Drop Nationwide
Following the shifting of the15 per cent import duty on petrol and diesel until the first quarter of 2026, there has been high surge of imports upon every effort operators of the Dangote Refinery has been making to lure marketers into joining the refinery and end imports.
Otherwise, a total of 149,500 metric tonnes, equivalent to 194.35m litres of Premium Motor Spirit, popularly known as petrol, entered and will land in the country through various ports between Friday, November 21, and Tuesday, November 25, 2025.
Business Hilights recalls that last month, President Bola Tinubu, while demonstrating a rare support for Dangote Refinery, had approved the introduction of a 15 per cent ad-valorem import duty on petrol and diesel imports into Nigeria. The initiative is aimed at protecting local the only local refinery which unfortunately raised pump prices to nearly N1,000.
In a letter dated October 21, 2025, reported publicly on October 30, 2025, and addressed to the Federal Inland Revenue Service and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Tinubu directed the immediate implementation of the tariff as part of what the government described as a “market-responsive import tariff framework.”
The letter, signed by his Private Secretary, Damilotun Aderemi, and obtained by our correspondent, conveyed the President’s approval following a proposal by the Executive Chairman of the FIRS, Zacch Adedeji. The proposal sought to apply a 15 per cent duty on the cost, insurance, and freight value of imported petrol and diesel to align import costs with domestic market realities.
Meanwhile, the latest Shipping Position by the Nigerian Ports Authority, revealed that Tincan Island Port received the highest number of imports, with 58,500 metric tonnes handled by the terminal within two days.
Calabar Port handled 46,000 metric tonnes, while Warri handled 45,000 metric tonnes. A breakdown of the imports showed that, “On Friday, November 21, 28,000 metric tonnes of PMS came through the Kirikiri Lighter Terminal Phase 3a in Tincan Island Port through different vessels, while on Saturday, a vessel with 20,500 metric tonnes came through the same KLT Phase 3a, and another came with 10,000 metric tons through KLT Phase 2, all at Tincan Island.”
