The Federal Government has announced a 30-day discount on petrol sold at filling stations operated by the Nigerian National Petroleum Company (NNPC) Limited, as part of measures to ease the economic pressure facing households and businesses across the country.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed the measure on Thursday at a press conference in Abuja.
According to Oyedele, the discount will initially run for 30 days, with public transport operators given priority under the arrangement.
“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,” the minister said.
Oyedele clarified that the initiative should not be regarded as a return to fuel subsidy. He explained that the government would instead sell the petrol at cost as part of its effort to reduce the impact of high fuel prices on Nigerians.
The minister said the intervention was designed particularly to help reduce transportation costs, which have been significantly affected by fluctuations in petrol prices.
Government Plans Crude Supply Arrangement for Domestic Refiners
Oyedele also announced that the Federal Government is considering a forward-sale arrangement for crude oil supplied to domestic refineries.
He said the proposed arrangement would provide greater certainty for refiners and help the government maintain stability in the domestic petroleum market.
According to him, the government is considering selling crude oil to domestic refiners at a predetermined period and price.
“That preserves your budget, provides certainty to the refiners and price stability to the consumers,” Oyedele said.
FG Seeks Petrol Price Stability
The minister further disclosed that the government is negotiating a ceiling price of ₦1,350 per litre for petrol at the ex-gantry or landing-cost level.
The objective, he said, is to prevent domestic petrol prices from responding sharply to every movement in international crude oil prices or fluctuations in the foreign exchange market.
“Pump prices do not have to follow every swing in global crude prices or the exchange rate,” Oyedele said.
He added that the proposed ceiling price would be reviewed monthly.
The Federal Government’s latest measures come amid continued concerns over the impact of petrol prices on transportation costs, household expenses and the wider cost of living.
The government says the 30-day discount at NNPC stations, combined with measures aimed at stabilising domestic fuel supply and pricing, is intended to provide immediate relief while longer-term mechanisms are developed.
