The Federal Government has announced a 30-day discount on petrol sold through Nigerian National Petroleum Company Limited filling stations, with public transport operators given 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 explained that the initiative was not a return to the petrol subsidy regime. Instead, the government would allow petrol dispensed by NNPC to be sold at cost during the 30-day period.
He said the discount would initially run for 30 days and would prioritise public transport operators nationwide, with the aim of reducing the pressure of rising fuel and transportation costs on Nigerians.
The minister also disclosed that the government was negotiating a ceiling of N1,350 per litre on the ex-gantry or landing cost of petrol.
Under the proposed arrangement, refiners and importers would absorb additional costs when prices rise above the ceiling and recover the difference when market conditions become favourable.
Oyedele said the landing cost ceiling would be reviewed monthly, with the figures published to promote transparency.
He stressed that the measures were designed to reduce price volatility without restoring a blanket fuel subsidy.
The announcement comes amid variations in petrol prices across NNPC stations. Current reported prices include N1,355 per litre in Lagos and Rivers and N1,370 per litre in Abuja.
Leave a comment