FEDERAL GOVERNMENT OFFERS 30-DAY PETROL DISCOUNT TO CUSHION HIGH FUEL PRICES

The Federal Government has announced plans to provide a discount on petrol supplied by the Nigerian National Petroleum Company Limited (NNPCL) for the next 30 days as part of measures to ease the impact of high fuel prices on Nigerians and stabilise pump prices.

The Minister of Finance and Coordinating Minister of the Economy, TAIWO OYEDELE, disclosed this today during a press briefing in Abuja, stating that public transporters nationwide would be prioritised.

OYEDELE further revealed that the government is negotiating a 1,350-naira-per-litre ceiling on the ex-gantry or landing cost of petrol, which would be subject to monthly reviews, to shield pump prices from sharp changes in global crude prices and exchange rates.

He explained that if the cost exceeds the ceiling, refiners and importers would initially absorb the difference and recover it when market conditions improve, stressing that the arrangement was intended to moderate petrol price fluctuations rather than serve as a subsidy or price control.