Video: FG announces 30-days discount on petrol at NNPC stations

Abdullateef Fowewe

The Federal Government has announced a temporary discount on petrol sold through Nigerian National Petroleum Company Limited (NNPCL) stations for the next 30 days, with priority given to public transporters nationwide.

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Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele made the announcement on Thursday, during a press briefing in Abuja on fuel prices and subsidy-related issues.

“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, government is just saying we sell to you at cost,” Oyedele said.

He emphasised that the measure should not be seen as a return to the previous subsidy regime.

The government framed it as selling the product at cost to provide short-term relief amid high fuel prices.

This comes as petrol prices average around ₦1,400 per litre across the country, following a significant rise linked to higher international crude oil prices.

Nigeria removed the long-standing petrol subsidy in May 2023 under President Bola Tinubu’s administration.

The policy aimed to eliminate fiscal distortions and free up resources, but it led to sharp increases in pump prices and contributed to broader inflation and higher transportation costs. Prices had earlier been in the range of about ₦830 per litre before the more recent rises.

Organised labour, including the Nigeria Labour Congress (NLC), has repeatedly called for lower fuel prices and other relief measures, describing the situation as a “survival crisis” for workers and households due to reduced purchasing power and rising costs of food, transport, and other essentials.

Oyedele also disclosed that the government is targeting a ₦1,350-per-litre ceiling on the ex-gantry or landing cost of petrol under a proposed price modulation mechanism.

This ceiling would be subject to monthly reviews and is intended to reduce volatility rather than fix retail pump prices directly.