Nigerians are growing increasingly uneasy as the depot price of Premium Motor Spirit (PMS), popularly known as petrol, climbed to ₦889 per litre on Thursday, up from ₦887 the previous week.
Data obtained by Vanguard showed Matrix sold at the highest price of ₦889 per litre, while Aiteo offered the lowest at ₦871 per litre. Other key operators such as Dangote Petroleum Refinery, Eterna, AA Rano, and AYM Ashafa sold at ₦877, ₦874, ₦871, and ₦885 per litre, respectively.
The development comes as downstream operators warn that the pump price of petrol could exceed ₦1,000 per litre once the federal government’s newly approved 15% fuel tax takes effect after a 30-day transition period ending November 21, 2025.
Speaking to Vanguard, Dr. Billy Gillis-Harry, National President of the Petroleum Retail Outlets Owners Association of Nigeria (PETROAN), said members would work with government agencies to ensure smooth implementation of the policy.
“This is a new measure that has not been implemented before,” he said. “From all indications, the government has good intentions. Our association will collaborate with others to ensure it is executed in a way that doesn’t cripple businesses.”
The government explained that the tax on petrol and diesel is part of a broader strategy to strengthen energy security, support local refining, and stabilize market pricing.
According to official documents, the import duty — described as “corrective, not revenue-driven” — aims to protect local refiners struggling to compete with imported products priced at lower parity levels.
“Domestic refining of petrol has begun to increase, and diesel production is already self-sufficient,” the government said. “However, price instability persists due to misalignment between local refiners and marketers. Left unchecked, these risks threaten the recovery of our refining sector.”
Under the new directive, President Bola Tinubu approved a 15% ad-valorem import duty on PMS and diesel, to be applied on the Cost, Insurance, and Freight (CIF) value at discharge. Payments will go into a designated Federal Government revenue account, verified by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) before clearance.
The NMDPRA and the Nigeria Customs Service (NCS) have been instructed to begin enforcement after the 30-day transition window. Tinubu also ordered the regulator to prioritize local production before granting new import licenses and to periodically review the tariff’s relevance as domestic refining capacity expands.
Industry analysts warn that unless government mitigates the impact of the new tax, the retail cost of petrol could soar past ₦1,000 per litre, further straining households and transport operators already battling inflation and high energy costs.
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