The Federal Government has announced a 30-day petrol discount at Nigerian National Petroleum Company Limited (NNPC) filling stations, with public transport operators to receive priority under the arrangement.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Thursday during a press briefing on petrol prices and subsidy-related issues in Abuja.
Oyedele said the initiative would operate as a margin discount at NNPC stations and would not amount to 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. So, it’s not a subsidy; the government is just saying we sell to you at cost,” he said.
The minister also disclosed that the government was negotiating a cap of N1,350 per litre on the ex-gantry or landing cost of petrol to reduce sharp fluctuations in prices.
Under the proposed arrangement, refiners and importers would absorb any shortfall when costs exceed the ceiling and recover it when crude oil prices or the exchange rate become more favourable.
He said the ceiling would be reviewed monthly, with the figures published to ensure transparency.
Other measures being pursued to cushion the impact of rising fuel prices include increased cash transfers to vulnerable households, subsidised credit for small businesses and consumers, and an accelerated rollout of compressed natural gas (CNG) vehicles.
Oyedele said the Federal Government had also granted a full waiver of taxes and duties on petrol, valued at more than N3.3 trillion for the year up to September 30, 2026.
He stressed that the measures were not intended to reinstate 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.
The announcement comes amid varying petrol prices at NNPC stations across the country. The company’s latest reported price list puts petrol at N1,355 per litre in Lagos and Rivers states, while Abuja is listed at N1,370 per litre.
