The Federal Government has announced plans to introduce a 30-day discount on petrol sold at filling stations operated by the Nigerian National Petroleum Company Limited (NNPC).
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Thursday during a press conference in Abuja.
According to Oyedele, the initiative will initially run for 30 days, with public transport operators given priority under the arrangement.
“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,” the minister said.
He explained that the measure should not be regarded as a return to fuel subsidy, saying the government intends to sell the product at cost under the arrangement.
Oyedele said the initiative was part of measures being considered by the government to ease the economic pressure on households and reduce the impact of fuel costs on transportation.
He also disclosed that the government was considering forward sales of crude oil to domestic refiners, with the aim of providing greater certainty for refiners and promoting stability in petrol prices.
The minister said such an arrangement could help prevent pump prices from responding immediately to fluctuations in global crude oil prices and foreign exchange rates.
He added that the government was negotiating a ceiling price of N1,350 per litre for petrol at the ex-gantry or landing-cost level as part of efforts to improve price stability for consumers.
According to him, the proposed ceiling would be reviewed monthly.
The government said the measures are intended to provide temporary relief to consumers while addressing some of the factors contributing to fluctuations in petrol prices.
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