Categories: News

FG plans 30-day petrol price relief through NNPC stations

Nigerians could get some relief from rising fuel costs as the Federal Government has announced a 30-day petrol discount at Nigerian National Petroleum Company (NNPC) Limited filling stations, with public transport operators set to benefit first under the new arrangement.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced the measure on Thursday, October 8, during a press conference in Abuja.

Oyedele said the discount would run for an initial period of 30 days, with public transport operators across the country given priority.

“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,” he said.

The minister explained that the arrangement would not amount to a return to petrol subsidy, adding that the government intended to sell petrol at cost through NNPC.

He also urged transport operators to pass the benefits of the discount on to passengers by reducing transport fares.

The announcement comes as rising petrol prices continue to increase transportation costs and put pressure on household budgets.

Oyedele said the government was also negotiating a price ceiling of N1,350 per litre on the ex-gantry price or landing cost of petrol. The proposed ceiling would be reviewed monthly.

He added that the government was considering forward sales of crude oil to domestic refiners to provide greater price certainty and reduce the impact of fluctuations in global oil prices.

According to the minister, the arrangement could help stabilise fuel costs, provide certainty for refiners and reduce pressure on consumers.

The government is also working with state governments to accelerate the rollout of compressed natural gas (CNG) as an alternative fuel for transport operators.

Oyedele further disclosed that the government could consider an excess-profit tax on energy companies found to be taking undue advantage of consumers.

He said any revenue generated from such a measure would be used exclusively to cushion the impact of high fuel prices through transport support or vouchers for low-income urban workers.

The government also plans to work with the National Assembly to consider additional tax relief for low-income earners under the 2027 Finance Bill.

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