The Federal Government has unveiled a 30-day reduction in the price of petrol sold by the Nigerian National Petroleum Company Limited, with priority under the plan going to public transport operators.
Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, made this known on Thursday at a press briefing in Abuja addressing petrol prices and subsidy-related matters.
Oyedele stated that the measure was intended as a margin discount at NNPC stations and did not represent a reintroduction of petrol 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. So, it’s not a subsidy; the government is just saying we sell to you at cost,” he said.
The minister stated that the government was also working out a ceiling of N1,350 per liter on the ex-gantry or landing cost of petrol, aiming to curb sharp swings in pump prices.
Under the proposed plan, refiners and importers would take on any shortfall whenever costs climb above the ceiling, then recoup it once crude prices or the exchange rate improve.
Oyedele noted that the ceiling would be reviewed every month, with the figures made public to ensure transparency.
The government is also rolling out other steps to cushion the effects of higher fuel prices, such as bigger cash transfers to vulnerable households, subsidized credit for small businesses and consumers, and a quicker rollout of compressed natural gas vehicles.
The minister said the Federal Government had already approved a full waiver of taxes and duties on petrol, which he valued at more than N3.3tn for the year ending September 30, 2026.
Oyedele emphasized that the measures being introduced were not meant to bring back a blanket fuel subsidy.
“To be perfectly clear, none of these measures restores a blanket subsidy. To do so would amount to creating longer-term harm for a short-term cure. Each measure is designed to reach the people who need help, without putting the wider economy at risk,” he said.
This announcement follows the variation in petrol prices at NNPC stations nationwide. According to NNPC’s most recent price list, the pump price stands at N1,355 per litre in Lagos and Rivers, whereas Abuja is listed at N1,370 per litre.
