The Federal Government has announced a 30-day discount on petrol sold through Nigerian National Petroleum Company Limited (NNPC) stations, with public transport operators to receive priority.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Thursday at a press briefing in Abuja on rising petrol prices and subsidy-related issues.
Oyedele said the arrangement was aimed at selling petrol at cost and should not be regarded as a return to fuel subsidy.
“We are offering a discount on petrol dispensed by NNPC Limited for the next 30 days in the first instance, with priority for public transporters nationwide,” he said.
The minister also announced that the government was negotiating a N1,350-per-litre ceiling on the ex-gantry or landing cost of petrol to reduce sharp price fluctuations.
Under the proposed price-modulation arrangement, refiners and importers would absorb higher costs when prices rise above the ceiling and recover the difference when market conditions improve. The ceiling would be reviewed monthly and published for transparency.
Oyedele said other measures being pursued include increased cash transfers to vulnerable households, subsidized credit for small businesses and consumers, and an accelerated rollout of compressed natural gas vehicles.
He stressed that the measures were not intended to restore a blanket fuel subsidy, saying such a move could create longer-term economic problems.
The announcement comes as NNPC retail prices vary across the country. Its latest reported price list puts petrol at N1,355 per litre in Lagos and Rivers and N1,370 in Abuja.
The government also said it had granted a full waiver of taxes and duties on petrol, valued at more than N3.3tn up to September 30, 2026.
Leave feedback about this