Tinubu Approves 15% Import Duty on Fuel as NNPC Reviews Refineries

Bola Tinubu has approved a 15% import duty on petrol and diesel in Nigeria to align import costs with domestic market realities. The Nigerian National Petroleum Corporation (NNPC) is conducting a comprehensive review of the country's three refineries to restore local refining capacity.

NNPC's Group CEO, Bayo Ojulari, revealed plans to engage technical partners to upgrade and repurpose facilities. The move aims to improve operational efficiency despite current challenges.

This decision comes amidst concerns over Nigeria's heavy reliance on imported petroleum products despite ongoing refinery rehabilitation projects.