Federal Government Unveils 10 Measures to Cut Petrol Prices

On October 8, 2026, Finance Minister Taiwo Oyedele announced ten measures by the Federal Government to ease the burden of rising petrol prices, which have increased to about N1,400 per litre from N830 due to the ongoing Gulf conflict. The government ruled out reinstating subsidies.

Key measures include NNPC Limited offering petrol at a margin discount for 30 days, prioritizing public transporters, although the discount details and start date remain unspecified. The government is negotiating a ceiling of N1,350 per litre on the ex-gantry cost of petrol, which will be reviewed monthly.

Additional initiatives involve addressing road taxes that increase logistics costs, enhancing cash transfers to low-income households, and scaling up compressed natural gas (CNG) deployment. The government also plans to impose a tax on energy operators who exploit consumers, with proceeds funding transport support.

Regulatory costs will be reduced to lower business expenses, and traffic agencies will work to improve vehicle flow in major cities.